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Feb 28 - 04:55 PM

GBP/USD - Fails Again Near Key 1.27 Resistance Amid Broad Month-End USD Bid

By Paul Spirgel  —  Feb 28 - 01:35 PM
  • GBP$ soft in NorAm afternoon -0.22% at 1.2656; Wed range 1.2684-1.2622

  • Traders remain wary near 1.27, month-end flows favor broad USD buying

  • For now, GBP$ backs off trend highs awaiting inflation, growth guidance

  • Sterling slides away from 1.27as dovish global rate tones rise

  • Res at 1.2701 Feb 23 high, 1.2702 daily cloud top, 1.2710 Feb 22 high

  • More significant res at 1.2788 Jan 12 2024 high, 1.2825 Dec 28 high

  • Support 1.2644 200-HMA, 1.2622 Wednesday low, 1.2570 200-DMA

  • U.S. core PCE price index Thursday keenly awaited for inflation clues

Source:
Refinitiv IFR Research/Market Commentary

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