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Mar 15 - 01:55 PM

GBP/USD - Drifts Lower As Longs Lighten Pre-UK CPI, Upcoming Bank Meetings

By Paul Spirgel  —  Mar 15 - 01:10 PM
  • GBP$ soft into week's close, -0.15% at 1.2733; Friday range 1.2758-30

  • Less-dovish Fed rate outlook in 2024, post-CPI/PPI weighs on GBP$

  • U.S.-UK rate spreads narrowing moves GBP$ away from Mar 8 2024 1.2894 high

  • Sterling eyes key Fib support ahead of UK CPI and Fed, UK meetings

  • Big week ahead UK CPI, Fed rate announcement Wednesday; BoE Thursday

  • GBP$ supt 1.2730 Fri low, 1.2715 daily Kijun, 1.2706 50% of 1.2518-1.2894

  • Res 1.2758 Friday high, 1.2782 daily Tenkan line, 1.2837 upper 30-d Bolli

  • UK CPI leads, if UK prices fall daily cloud top at 1.2663 comes into focus

Source:
Refinitiv IFR Research/Market Commentary

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