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Jan 12 - 03:55 PM

GBP/USD - Bulls Winning Tug-Of War After US CPI; Dec High 1.2446 In Focus

By Paul Spirgel  —  Jan 12 - 01:35 PM
  • GBP$ firm into NorAm close, +0.6% at 1.2222; Thursday range 1.2248-1.2089

  • Significant yaw after as-f/c US CPI, pair does a few laps b/w 1.2240-1.2100

  • Rally on US inflation leaves sterling focused on UK CPI nL1N33X1C5

  • CPI data promotes narrative of lower Fed hikes, brings fwd pot'l rate cuts

  • US yields whipsaw ending NorAm by lows, Fed term rate slips to 4.9% by Jun

  • GBP$ supt at 10/21-DMAs by 1.2090, 200-DMA by 1.2002, daily cloud top 1.1935

  • Res at Thurs high 1.2248, 1.2367 55-DMA, 1.2446 Dec 14's recent trend high

  • EUR/GBP +0.24 to 0.8871, Thurs range 0.8895--37; moves Thurs USD based

  • EUR better bid on recent ECB hawkish musings

Source:
Refinitiv IFR Research/Market Commentary

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