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Jun 13 - 04:55 PM

GBP/USD - Edges Lower, Soft US Data Fails To Halt Dollar Rebound

By Justin Mcqueen  —  Jun 13 - 01:20 PM
  • GBP -0.4%, CPI-led rally retraced, pair back below 200-hour MAs (1.2758-65)

  • Traders unlikely chase GBP breakouts with pivotal UK CPI due June 19

  • Thus, the cluster of lows between 1.2675-88 should hold in lead up to CPI

  • Similarly, moves above 1.28 is likely to be fleeting

  • Probability of an August BoE cut stands at 45% 0#BOEWATCH

  • For now, sterling upside is better expressed vs euro nL1N3IB0BS

  • COMMENT-GBP extends post-Fed slide, positioning is a concern nL1N3IB0P9

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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