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Jan 23 - 09:55 PM

GBP/USD - Early BoE Cut Hopes Build Ahead Of Key PMI's

By Andrew M Spencer  —  Jan 23 - 07:10 PM
  • +0.05% after closing 0.2% lower as hopes for early BoE rate cuts build

  • Recent soft headline inflation, wages, and economic growth weigh on yields

  • BOEWATCH fully prices a 25pt cut in June - with May priced at -11.48pt

  • Flash manufacturing and services PMI tonight will be key for expectations

  • Charts; 5, 10 & 21 DMA coil with neutral 21-day Bollinger bands

  • Daily momentum studies flat line - setup suggests further consolidation

  • Well-tested December/January range base around 1.2610 is key support

  • 1.2788 January high and 1.2792 upper 21-day Bolli band major resistance

  • 1.2650 NY low and London's early 1.2747 high are initial support, resistance

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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