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Jan 24 - 05:55 AM

GBP/USD - Drops Towards 1.23 On UK Services PMI Miss

By Rob Howard  —  Jan 24 - 05:00 AM
  • Cable falls to 1.2312 (low since Jan 18) after UK Jan services PMI miss

  • 48.0 vs 49.7 f/c nZRN005VGN. 1.2413 was early Ldn high (pre-PMI data)

  • Bids expected circa 1.2300 (Jan 17 high/10DMA) if GBP/USD falls further

  • Cable vaulted 1.2300 on hot UK inflation in services prices data Jan 18

  • Debt interest helped to swell UK borrowing to record high in December

  • BUZZ-To be or not to be 50 bps? Question for BoE, GBP nL1N3490DE

Source:
Refinitiv IFR Research/Market Commentary

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