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May 18 - 03:55 PM

GBP/USD - Bulls Run Out Of Gas Near 1.25 After UK Inflation Hits 40-Yr High

By Paul Spirgel  —  May 18 - 01:40 PM
  • GBP/USD dips into NorAm close, -1.04% at 1.2361; NY range 1.2436-1.2359

  • UK inflation rises to G7 leading 9% nL5N2XA17N, risk unwind sinks GBP

  • Sterling soft after UK inflation rise exposes BoE approach nL2N2XA1GH

  • BoE failing on growth & inflation-fight to keep downward pressure on GBP

  • GBP$ supt Wed low 1.2359, 10DMA 1.2322, sub-10DMA bears eye 1.2156 '22 low

  • Res May 17-18 double top by 1.25, 21-DMA 1.2509, 30-DMa at 1.2670

  • Bulls need a rise abv 1.2652's 50% Fib of 1.3147-1.2156 to regain momentum

  • EUR/GBP +0.3% to 0.8473, Wed range 0.8493-38; ECB set to begin normalization trumps steady BoE

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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