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May 13 - 05:55 PM

GBP/USD - Probes Above 200-DMA At 1.2542, Stalls By May 7 High 1.2569

By Paul Spirgel  —  May 13 - 02:05 PM
  • GBP$ firm into NY close, +0.28% at 1.2558; NorAm range 1.2569-33

  • Pair anchored by 200-DMA at 1.2542, capped Monday by May 7 high 1.2569

  • UST yields trickle lower, GBP shorts lightening as dovish Fed tones rise

  • Wednesday's U.S. CPI, May 22's UK CPI key events as policy paths evolve

  • Beware misleading moves as sterling eschews extremes nL1N3HG178

  • GBP$ res at 1.2569, 55-DMA at 1.2603, May 3 trend high at 1.2634

  • Close above 1.2596, 50% Fib of 1.2894-1.2299 shifts momentum to bulls

  • Support at Monday low 1.2518, Daily base line 1.2504, May 9 low 1.2446

Source:
Refinitiv IFR Research/Market Commentary

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