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Aug 15 - 01:55 PM

GBP/USD - Shrugs Off US Retail Sales Beat Foci On UK Wage Rise, CPI Wednesday

By Paul Spirgel  —  Aug 15 - 01:20 PM
  • GBP$ firm into NY close +0.3% at 1.2725; NorAm range 1.2753-1.2682

  • Rate whipsaw after U.S. retail sales test o/n low supt at 1.2680

  • UK wages rise supports BoE higher than Fed for longer view, lifts GBP

  • Sterling support sub-1.27 holds as traders await Wednesday's UK CPI

  • GBP$ tests 55-DMA res at 1.2746, close above adds to growing bullish tone

  • Further res at 1.2818's 38.2% Fib of 1.3144-1.2617, 30-DMA 1.2840

  • Rise abv 1.2881's 50% Fib shifts momentum to bulls for retrace to Jul highs

Source:
Refinitiv IFR Research/Market Commentary

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