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Jul 29 - 03:55 PM

GBP/USD - Bulls Run Into Resistance Above 1.3000 After Dovish Fed Hold

By Paul Spirgel  —  Jul 29 - 02:15 PM
  • GBP/USD ending NorAm firm +0.53% at 1.2996; NorAm range 1.3005-1.2956

  • Fed holds rate steady, sees rates low-for-longer on virus uncertainty

  • Nothing on enhanced guidance or yield curve control nW1N2DS00V

  • Eyes on bigger prize as sterling rises toward 1.3000 nL2N2F0101

  • Option interest by 1.30 beats back bulls for now nL2N2F00CB

  • Above 1.30 res 1.3020, 76.4% Fib of 1.3516-1.1413, then Mar highs by 1.32

  • EUR/GBP +0.09% at 0.9075; Wed range 0.9087-35; flows USD based pre-Fed

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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