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Feb 07 - 03:55 PM

GBP/USD - Drifts Further Away From 2024 Low 1.2518 As Hawkish Fed View Ebbs

By Paul Spirgel  —  Feb 07 - 01:35 PM
  • GBP$ firm into NY close, +0.25% at 1.2630; Wednesday range 1.2642-1.2598

  • Pair moves back to the middle of 2024 range after Monday's slide

  • LSEG's IRPR shows Fed 2024 cut odds rising from Monday lows USIRP25F7=R

  • Sterling slide halted as less-dovish Fed expectations recede nL1N3ES1U6

  • Positions being curated ahead of next weeks key U.S., UK CPI data

  • GBP$ supt at Wed low 1.2598, lwr 30-d Bolli 1.2591, 2024 low Feb 5's 1.2518

  • Res 1.2641 Wednesday high, 1.2675 the 55-DMA, 1.2691 daily cloud top

  • CPI next week will be parsed for inflation's movement toward Fed, BoE target

Source:
Refinitiv IFR Research/Market Commentary

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