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Mar 24 - 09:55 PM

GBP/USD - UK Rate Cuts 'In Play', As The Strong USD Weighs

By Andrew M Spencer  —  Mar 24 - 07:40 PM
  • Down 0.05% after closing 0.47% lower amid broad-based USD strength

  • Resilient US economy, as BOE Governor Bailey signals rate cuts are 'in play'

  • Yield spreads were unchanged with 10yr gilt and Treasury yields off 6bp

  • There is no UK data today, so risk appetite and the USD to lead sterling

  • Charts; daily momentum studies, 5, 10 & 21 day moving averages fall

  • 21-day Bollinger bands expand - daily charts show a bearish setup

  • Signals target a break of 1.2569, 38.2% of the Oct/March rise

  • A close below 1.2570 would open the door to the 1.2517 2024 low

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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