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Jun 13 - 03:55 PM

GBP/USD - Slips Versus USD, EUR Amid Dour UK Data, Tepid BoE Hike Path

By Paul Spirgel  —  Jun 13 - 01:40 PM
  • GBP$ near Monday low into NY cls -1.2% at 1.2167, just below 1.22 NorAm open

  • Pair tanked w/risk amid rising US yields, weak UK data, UK-EU trade angst

  • GBP$ bears eye 2022 lows amid rising inflation, soft UK data nL1N2Y00WU

  • Slight boost into cls likely transitory amid growing US-UK rate divergence

  • Fed, BoE meetings this week further divergence may push GBP$ to new lows

  • Supt at 1.2124 Monday low, 1.2075 May 18 '20 low, then 1.1788 Mar 26 '20 low

  • Res 1.2180 10-HMA, 1.2236 50% Fib of 1.26-1.2124 June dip, 1.2261 30-HMA

  • EUR/GBP +0.44% to 0.8581, Mon range 0.8593-33; ECB hike path seen more aggressive than BoE

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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