• GBP$ soft in NY afternoon trade, -0.35% at 1.3418; NorAm range 1.3455-1.3416

• Mideast peace prospects dim as US, Iran trade hostilities, oil rises

• Front and long-end UST yields move higher as oil rise portends inflation persistence

• Ratewise, BoE indicated w/2-25bp hikes in 2026; Fed 80% odds for Dec 25bp hike

• USD slight bid as hawkish Fed a recent development; BoE in no hurry to hike

• For all the noise, GBP$ stuck in middle of recent 1.33-1.35 range awaiting news/data

• GBP$ supt 1.3416 Wednesday low, 1.3393 daily cloud base, 1.3344 lower 30-d Bolli

• Res 1.3451 bruised daily cloud top, 1.3477 100-DMA, 1.3509 daily high May 25

GB P Chart:


(Paul.Spirgel is a Reuters market analyst. The views expressed are his own)