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Jan 26 - 01:55 PM

GBP/USD - A Tad Soft Into NorAm Close, Remains Anchored Near 1.24, 2023 Highs

By Paul Spirgel  —  Jan 26 - 01:25 PM
  • GBP$ ending NY -0.1% at 1.2385; NorAm range 1.2420-1.2345

  • UST yields a touch higher after Q4 GDP adv beats f/c, durables rise

  • Upbeat data supports Fed higher-for-longer, higher terminal rate view

  • Sterling bulls remain fixated on 1.24 despite repeated failures nL1N34B1BZ

  • Market focus shifts to Friday's Dec core PCE, Pers income/consumption

  • GBP$ fails abv 1.24 for 7th straight session, shallow pullback hints at bid

  • Res at Thurs high 1.2431, upper 30d Bolli 1.2446, Jan 23 daily high 1.2448

  • Support at 1.2345 Thurs low, 1.2335 10-DMA, Jan 24 low 1.2264

  • 10-DMA has held as support, on closing basis, since Jan 6

  • EUR/GBP ending NY -0.28% at 0.8776, Thurs range 0.8812-0.8776; GBP firm as BoE likely to keep pace w/ECB Feb 2

Source:
Refinitiv IFR Research/Market Commentary

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