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Sep 12 - 03:55 PM

GBP/USD - Eyes Trend Low After UK Jobs Dip Hints At Lower BoE Rate Path

By Paul Spirgel  —  Sep 12 - 01:35 PM
  • GBP$ soft into NorAm close, -0.2% at 1.2483; NorAm range 1.2492-1.2460

  • Mixed UK wages, employment data stirs lower BOE rate expectations

  • Belly of UK 3-mos SONIA strip rises 6-8bps (lower rates) weighs on GBP

  • GBP/USD under pressure, BoE hike beyond Sept less likely nL1N3AO1LH

  • UK GDP, IP/MP and U.S. CPI on Wednesday in focus ahead of c.bank meets

  • Supt at 1.2460 Tues low just ahead of Sep 7 trend low 1.2445, 200-DMA 1.2430

  • Res Tues high 1.2531, falling 10-DMA 1.2562, Sep 6 high 1.2587

  • 30-DMA crossing below 100-DMA adds to bearish outlook

Source:
Refinitiv IFR Research/Market Commentary

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