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Apr 23 - 09:55 PM

GBP/USD - Opens Higher As Rate Cut Optimism Fades

By Andrew M Spencer  —  Apr 23 - 08:30 PM
  • +0.05% - closed +0.8% as UK services and manufacturing beat expectations

  • BoE Chief Economist Pill says rate cut some way off, despite recent progress

  • Expect the BoE to remain data-driven on the timing of upcoming rate moves

  • UK pay settlements edged lower in the first quarter but rose in April

  • Wage settlements in April average 5% - will make the BoE cautious on cuts

  • Charts; 10 & 21-day moving averages fall, 21-day Bollinger bands track lower

  • Daily momentum studies base or rise - charts retain the bearish bias

  • This week's 1.2299 low and Friday's 1.2467 top are first support/resistance

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Refinitiv IFR Research/Market Commentary


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