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Jul 11 - 03:55 AM

GBP/USD - Scales New Four-Month Peak On UK May GDP Beat

By Rob Howard  —  Jul 11 - 02:20 AM
  • Cable scales fractionally fresh four-month peak of 1.2866 on UK GDP beat

  • UK GDP up 0.4% in May vs 0.2% forecast. 1.2864 was Asian session high

  • 1.2812 was high before relatively hawkish guidance from BoE's Pill Wednesday

  • US CPI data due at 1230 GMT; 0.1% MM, 3.1% YY f/c. Core f/c 0.2% MM, 3.4% YY

  • Softer US CPI prints could lift GBP/USD further towards 1.29, if not 1.30

  • 1.2893 was eight-month high in March. 1.2848 is now a support point

Source:
Refinitiv IFR Research/Market Commentary

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