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Mar 28 - 03:55 PM

GBP/USD - Under Pressure As U.S.-UK Rates Diverge, 2022 Low 1.30 In Focus

By Paul Spirgel  —  Mar 28 - 01:35 PM
  • GBP/USD ending NorAm -0.64% at 1.3095; NorAm range 1.3156-1.3066

  • Pair rallies off 5-wk low amid diverging US-UK rates, Ukraine angst

  • UST 2-yr at high yield not seen since April 2019, US-UK 2-yr spread +5bps

  • Sterling eyes 2022 lows as Fed-BoE rate expectations diverge nL2N2VV15M

  • GBP$ flirts w/Mar 17 low at 1.3088, below bears target Mar 15 low 1.3000

  • Continued rate divergence puts early Nov 2020 low by 1.2845 in focus

  • Res at 21-DMA by 1.3184, bulls gain momentum abv 1.3320 50% of 1.30-1.3640

  • EUR/GBP +0.79% at 0.8396, Mon range 0.8399-22; UK-EZ rate convergence lifts EUR

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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