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May 12 - 10:55 PM

GBP/USD - Strong UK Data And Higher UST Yields Contain

By Andrew M Spencer  —  May 12 - 08:45 PM
  • Steady after closing unchanged with the USD +0.1% after strong UK GDP

  • Yield spreads widened, 10yr gilt +2bp 4.168%, 10yr UST +5bp 4.492%

  • Despite strong data BOEWATCH priced 23.54pt August rate cuts at the NY close

  • UK employers plan 4% pay rises in the coming year, public sector 3%

  • Charts; neutral 5, 10 & 21-day moving averages plus 21-day Bollinger bands

  • Daily momentum studies conflict - the chart shows no significant bias

  • Resistance starts at Tuesday's 1.2568 top then 1.2599 upper 21-day Bolli

  • A close below 1.2427, 0.618% of the April/May rise would be a bearish signal

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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