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Feb 29 - 03:55 PM

GBP/USD - Cautious Ahead Of High Near 1.2700, Eyes Trend Lows By 1.2600

By Paul Spirgel  —  Feb 29 - 01:40 PM
  • GBP$ soft in NorAm afternoon, -0.34% to 1.2620; Thursday range 1.2681-1.2614

  • Traders remain wary of 1.27, post-PMI rise to 1.2681 dialed back

  • USD finds month-end bid; gains despite soft UST yields

  • Sterling at a loss for breakout catalysts following US PCE nL2N3FE22P

  • Support 1.2622 Thurs low, 1.2600 lower 30-d Bolli, 1.2575 200-DMA

  • Res 1.2650 200-HMA, 1.2681 Thursday high, 1.2710 Feb 13 high

  • Friday's UK Mfg PMI (f/c 47.1), U.S. Mfg PMI, ISM and UMich data in focus

Source:
Refinitiv IFR Research/Market Commentary

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