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Apr 18 - 11:55 AM

GBP/USD - Struggles With Fed Hikes Overtaking BOE's By Year-End

By Randolph Donney  —  Apr 18 - 09:35 AM

  • Sterling down again amid broad but modest dollar gains

  • Monday's 1.3061 high is at the falling daily tenkan line

  • Last week's high was rejected near the daily Kijun, 30-d BB propped

  • Falling gilt-Tsy yield spreads are the main weight on prices

  • Fed seen overtaking BOE's rate hikes by year-end and beyond

  • Two- and 10-yr Tsy yields are nearing 2.977% and 3.26% 2018 peaks

  • Pullbacks from those hurdles is next best chance for Cable rebound

  • Last week's 1.2973 trend low is again by the lower 30-day BB support

  • The 1.2973 low also left bullish divergence on daily RSI

  • And IMM net specs upped last week to highest since Dec's peak

  • A sub-1.3000 close looks key to hitting 50% of 2020-21 rise at 1.2831

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Source:
Refinitiv IFR Research/Market Commentary

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