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Aug 23 - 01:55 PM

GBP/USD - Off 2022 Low After Weak US PMI Raises Hawkish Fed Doubts

By Paul Spirgel  —  Aug 23 - 01:30 PM
  • GBP$ rallies off lows +0.57% at 1.1835; Tues range 1.1878-1.1718

  • Weak US PMI data tempers hawkish Fed rate outlook pre-J-Hole summit

  • PMI stalemate favors GBP as traders temper Jackson Hole views nL1N2ZZ13Z

  • GBP$ back w/in daily Bolli envelope, recent USD longs unwind

  • Momentum still w/USD longs amid high U.S. rates, energy & glbl growth angst

  • Res 1.1932 38.2% Fin of 1.2277-1.1718, daily cloud base 1.1995

  • Close abv 50% Fib of 1.2277-1.1718 at 1.1997 shifts momentum to GBP bulls

  • Support 10-HMA 1.1807, lwr 30-d Bolli 1.1782, 2022 low at 1.1718

Source:
Refinitiv IFR Research/Market Commentary

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