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May 23 - 04:55 PM

GBP/USD - Drifts To Fresh 1-Month Low By 1.2373 As UST Yields Move Higher

By Paul Spirgel  —  May 23 - 01:45 PM
  • Sterling ending NorAm -0.15% at 1.2420; Tuesday range 1.2446-1.2373

  • Sterling slides to 1-month lows as UST yield move higher still nL1N37K1H6

  • Pair regained 1.24 after mixed U.S. PMI data

  • UK prices in focus, Rtrs f/c HL CPI dip to 8.2% from 10.1%, more m/m lower

  • Should CPI meet f/c bulls may hold sway as UK rates seen topping US by YE

  • GBP$ res 1.2492 the 30-DMA, 1.2546 the May 16 high, 1.2633s upper 30-d Bolli

  • Supt at 1.2386s 55-DMA, 1.2373 Tuesday's low, 1.2345, 38.2% of 1.1805-1.2679

  • GBP bulls losing control on bearish cross 10-DMA below 30-DMA

  • Bearish momentum exacerbates below 1.2242 the 50% Fib 0f 1.1805-1.2679

Source:
Refinitiv IFR Research/Market Commentary

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