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Jun 24 - 03:55 PM

GBP/USD - Fades Ahead Of 1.27, Extends Recovery From Friday's 1.2622 Low

By Paul Spirgel  —  Jun 24 - 01:35 PM
  • GBP$ firm in NorAm afternoon +0.3% at 1.2680; Monday range 1.2698-33

  • UK gilt yields outpace slight UST yield gain; traders unwind Friday shorts

  • Enjoy the sterling rally while it lasts nL1N3IM0L4

  • UK elections tipped to Labour, falling UK inflation/growth may cap gains

  • Upcoming UK/US Q1 GDP, U.S. core PCE price index Friday key data

  • GBP$ res 1.2698 Mon high, 1.2710 falling 10-DMA, 1.2741 50% of 1.2860-1.2622

  • A cls above 1.2741 shifts control to GBP bulls, though res firm above 1.28

  • Supt at 55-DMA by 1.2620, 1.2596 daily cloud base, 1.2558 200-DMA

Source:
Refinitiv IFR Research/Market Commentary

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