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Jun 18 - 03:55 PM

GBP/USD - Support Holds Near 1.2660, Bulls Wary Above 1.27 Ahead Of UK CPI

By Paul Spirgel  —  Jun 18 - 01:35 PM
  • GBP$ trades near flat at 1.2703 in NY afternoon; Tues range 1.2721-1.2669

  • Pre-RS dip to 1.2669 reversed as soft data, downside revisions sink yields

  • Sterling's post retail sales rise tempered ahead of UK CPI nL1N3IG0IU

  • Bulls wary ahead of UK CPI Wednesday, BoE decision/presser Thursday

  • Bevy of Fed speakers taking measured tack on rate cuts, inflation reduction

  • Despite soft RS data LSEG's IRPR rate cut odds in '24 not materially changed

  • Supt at Jun 14 low 1.2658, 100-DMA by 1.2640, daily cloud top 1.2596

  • 1.2596 also 50% of 1.2894-1.2299, close below risks protracted move lower

  • Res 1.2720 Tuesday high, 1.2743 falling 10-DMA, 1.2763 Jun 14 high

  • A downside surprise in UK CPI will pull forward BoE cut odds; GBP bearish

Source:
Refinitiv IFR Research/Market Commentary

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