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Mar 31 - 01:55 PM

GBP/USD - Soft Into Month-End, By Trend Highs As Fed Hike Cycle Nears Finale

By Paul Spirgel  —  Mar 31 - 01:30 PM
  • Sterling slides into NY close-0.32% at 1.2343; NorAm range 1.2396-42

  • Pair hit March high 1.2423 in Asia trading, eyes 2023 high Jan 23's 1.2448

  • GBP bulls shrug off below-f/c core PCE data which hints at lwr Fed rate path

  • Sterling ending March up 2.7% as data hints at end of Fed hike cycle

  • Res falling 10-HMA 1.2369, Friday high 1.2432, 2023's Jan 23 high 1.2448

  • Quarter-end positioning boosts USD, higher GBP rate view to keep GBP bid

  • EUR/GBP flat into close at 0.88, Fri range 0.8806-0.8777; flows USD based

Source:
Refinitiv IFR Research/Market Commentary

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