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Jul 29 - 03:55 PM

GBP/USD - Runs Into Resistance By Daily Cloud Base After EZ Inflation Rise

By Paul Spirgel  —  Jul 29 - 01:40 PM
  • Sterling ending NorAm -0.17% at 1.2160, Friday's range 1.2245-1.2065

  • GBP whipsaws after upbeat US consumption, PCE rises nL1N2ZA144

  • GBP$ slides after US data hints at less-dovish Fed hike path nL1N2ZA1DJ

  • Seasonal and month-end liquidity light exacerbates moves

  • GBP$ res by 55DMA/dly cloud base 1.2242/1.2235; upper 30d Bolli 1.2343 caps

  • Key Fib at 1.2214 , 50% Fib of 1.2667-1.1761 tested, fails to close abv

  • Support 100-HMA 1.2098, Fri low 1.2064; 10-DMA 1.2052

Source:
Refinitiv IFR Research/Market Commentary

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