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Jan 17 - 01:55 PM

GBP/USD - Confounded Above 1.22; Soft UK Data Hints At Dovish BoE Path

By Paul Spirgel  —  Jan 17 - 01:31 PM

• GBP$ soft in NorAm afternoon, -0.53% at 1.2174; Friday range 1.2245-1.2161

• BoE cut view boosted after UK retail sales downside miss; gilt yields slip

• Pair subject to notable yaw last 3-days, a few laps taken b/w 1.2265-1.2140

• Cheering the UK budget, selling sterling

• Recent sub-f/c UK data increasing BoE cut view for 2025 a weight on GBP/USD

• Of note, Sterling did a quick run higher on Trump-Xi talk report

• Concerns on fiscal uncertainties ebbing, focus now on BoE policy path

• Res 1.2260 the Jan 16 high, 1.2295 falling 10-DMA, 1.2307 Jan 15 high

• Supt 1.2140 Jan 14 low/lower 21-d Bolli, 1.21 2025 low put in Jan 13

GBP Chart:


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

Source:
London Stock Exchange Group | Thomson Reuters

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