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Jul 20 - 03:55 PM

GBP/USD - Runs Into Offers Above 1.20, Again; Ahead Of 21-DMA At 1.2046

By Paul Spirgel  —  Jul 20 - 01:35 PM
  • GBP$ soft into NY close -0.28% at 1.1963; NorAm range 1.2006-1.1956

  • Early GBP gain after UK CPI rise unravels amid heightened recession fears

  • GBP unable to hold gains above 1.20 for 3rd consecutive session; 21-DMA caps

  • Blow-out UK inflation boosts sterling outlook only briefly nL1N2Z114T

  • GBPOIS shows BoE +50bp Aug 4, not enough for bulls as Fed rate path higher

  • Res at 21DMA, then 1.2083, 50% Fib of 1.2405-1.1761, 30/55DMA 1.2106/1.2268

  • Support at 10-DMA by 1.1934, Jul 18 low 1.1864, 2022 low at Jul 14's 1.1761

  • EUR/GBP -0.23% at 0.8497, Wed range 0.8540-0.8498; ECB and Italian political angst weighs on EUR

Source:
Refinitiv IFR Research/Market Commentary

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