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May 24 - 01:55 PM

GBP/USD - Eyes Trend Highs As Early BoE Rate Cut Odds Diminish

By Paul Spirgel  —  May 24 - 12:30 PM
  • GBP$ drifts higher into NY afternoon, +0.34% at 1.2742; NY range 1.2751-10

  • US durables revision lwr, falling UMich 1/5-yr inflation view sinks USD

  • Sterling bulls keep focus on 2024 high nL1N3HR19W

  • Pair eyes Wed high 1.2761 as BoE rate cut expectations slip; see LSEG's IRPR

  • Hot UK CPI pushes cut view from Aug to Sept/Nov boosts GBP/USD

  • GBP$ res 1.2761 May 22 high, 1.2764 upper 21-d Bolli, 1.2803 Mar 21 High

  • Supt 1.2712 Friday NorAm low, 1.2680 Friday low, 1.2634 100-DMA

Source:
Refinitiv IFR Research/Market Commentary

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