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May 09 - 03:55 PM

GBP/USD - Lifted Off New 2022 Low By 1.2622, Runs Into Offers Above 1.24

By Paul Spirgel  —  May 09 - 01:40 PM
  • GBP/USD eking out slight gain +0.12% at 1.2346; NY range 1.2405-1.2302

  • UST long yields moves to trend highs o/n boosts USD; US yield curve steeper

  • Sterling bears run into support ahead of 23-month low by 1.2252 nL2N2X117O

  • GBP net spec short growing, now at 2-1/2 yr high stirs profit-taking

  • Techs, fundamentals hint at further weakness on low rate, UK recession view

  • Supt at 1.2262 Mon low, 1.2252 Lat June 2020 low, 1.2075 late may 2020 low

  • Res at 1.2405 Monday high, 100-HMA at 1.2420, falling 10-DMA at 1.2482

  • EUR/GBP +0.23% to 0.8556, Mon range 0.8570-17; Euribor strip pricing +95bp by YE '22

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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