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May 24 - 03:55 PM

GBP/USD - Fades From Early High By 1.26 As UK PMI Misses Fuel Recession Fears

By Paul Spirgel  —  May 24 - 01:35 PM
  • GBP$ ending NorAm -0.4% at 1.2537, Tuesday's range 1.2600-1.2475

  • Early slide on UK PMI misses nL2N2XG0LM pared after US PMIs, hm sales slip

  • Sliding PMIs, recession fears raise sterling risks nL2N2XG1AO

  • Wednesday's Fed minutes in focus for hints at near-term Fed hike path

  • Less-hawkish Fed path may lead to resumption of GBP$ rise from trend lows

  • Res at Mon-Tues dbl top by 1.2600, then 1.2652, 50% Fib of 1.3170-1.2156

  • Supt 1.2475 Tuesday low, 1.2432 21-DMA, May 17-19 low area just below 1.2350

  • EUR/GBP +0.75% to 0.8562, Tues range 0.8585-0.8482; hawkish EZ hike tones lifts EUR

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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