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Dec 20 - 03:55 AM

GBP/USD - Roiled By Unexpected YCC Band Widening From BoJ

By Rob Howard  —  Dec 20 - 02:40 AM
  • Cable fell to 1.2086 after initial jump to 1.2219 on BoJ's hawkish surprise

  • BoJ widens trading band for 10-year JGB yield to 50 bps nL1N33A01A

  • 1.2086 was lowest level since Dec 1. 1.2160 = subsequent rally high

  • GBP/USD volatility spurred by big losses for USD/JPY and GBP/JPY on YCC move

  • 1.2056 (Dec 1 low) and 1.2000 are cable support points below 1.2086

  • Resistance levels beyond 1.2219 include 1.2241 (Monday's high) and 1.2300

Source:
Refinitiv IFR Research/Market Commentary

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