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Apr 22 - 04:55 PM

GBP/USD - Slips To Fresh 2024 Low Amid Heightened Dovish BoE Rate Outlook

By Paul Spirgel  —  Apr 22 - 01:45 PM
  • GBP$ pared early NorAm losses, -0.16% at 1.2350; Mon range 1.2392-1.2299

  • Dovish Ramsden, Bailey comments, soft UK data stirs UK-US rate divergence

  • BoE June cut odds 60%, Fed 20%; BoE -57bp to Dec, Fed -40bp favors USD gains

  • Dovish BoE echoes heighten sterling vulnerability nL2N3GV16M

  • GBP$ supt 1.2299 Mon low, 1.2287 100-WMA, 1.2272 Nov 14 2023 low

  • Res 1.2392 Mon High, 50% of 1.2484-1.2299 dip, 1.2471 falling 10-DMA

  • Traders eye UK/US April flash PMIs Tuesday; US core PCE price IDX on Friday

Source:
Refinitiv IFR Research/Market Commentary

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