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Apr 28 - 03:55 PM

GBP/USD - Bears Take A Breather After US GDP Miss; Focus Shifts To Fed

By Paul Spirgel  —  Apr 28 - 01:50 PM
  • GBP ending NorAm -0.65% at 1.2463; NorAm range 1.2475-12

  • Pair rallied off session low 1.2412 ahead of London fix, after US GDP miss

  • Sterling slide extends, bulls eye Fed presser after US GDP miss nL2N2WQ1OZ

  • US GDP miss may diminish Fed rate path, +240bp to Dec meeting priced in

  • Despite today's rise off lows, momentum w/GBP bears on rates, geo-pol angst

  • Supt at 1.2412 Thurs low, 1.2289 lwr 30-mos Bolli, 1.2252 Jul 3 '20 wkly low

  • Res 1.2513 30-HMA, 1.2566 Thursday high, 1.2636 lower 30-d Bolli

  • Bulls need close abv 1.2856 50% Fib of 1.3299-1.2412 to regain momentum

  • EUR/GBP -0.11% at 0.8429, Thurs range 0.8459-0.8383; flows broadly USD based

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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