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Jan 18 - 04:55 AM

GBP/USD - Scales Two-Day Peak As China Stocks Catch Bid

By Rob Howard  —  Jan 18 - 02:50 AM
  • Cable rose to 1.2704 (2-day top) as China stocks rallied into 0700 GMT close

  • CSI300 closed up 1.4% vs earlier five-year low. Pound is risk-sensitive

  • 1.2704 is 7 pips shy of the 21-day moving average (1.2714 was Monday's low)

  • Wednesday's high was 1.2696, after GBP rose on unexpected rise in UK CPI

  • 1.2639 was subsequent low, after dollar strengthened on US retail sales beat

  • Only 11 Tory MPs voted against PM Sunak's Rwanda plan Wednesday nL4N3E245L

Source:
Refinitiv IFR Research/Market Commentary

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