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May 14 - 04:55 PM

GBP/USD - Climbs After US PPI Data, Eyes Multiple Resistance Levels Near 1.26

By Paul Spirgel  —  May 14 - 01:40 PM
  • GBP$ ending NorAm by day's high, +0.2% at 1.2583; Tues range 1.2593-1.2510

  • Pair initially fell post-PPI as HL data appeared strong; Mar revised lower

  • Aiming higher, sterling still has key inflation tests ahead nL1N3HH1TV

  • Fed's Powell uncertain on inflation path; next move unlikely a Fed hike

  • U.S. CPI f/c a tad lower, w/o progress on lower inflation USD to remain bid

  • Res 1.2593 Tues High, 1.2596 50% of 1.2894-1.2299, 100-DMA/May 3 high 1.2634

  • Supt at 200-DMA 1.2541, 1.2510 Tuesday low, 1.2446 May 9 low

  • Beyond Wed US CPI, May 22 UK CPI may hold clues to BoE policy path

Source:
Refinitiv IFR Research/Market Commentary

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