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Aug 25 - 03:55 PM

GBP/USD - Dips To 2-1/2-Month Low As Powell To Keep Policy Restrictive

By Paul Spirgel  —  Aug 25 - 01:35 PM
  • GBP$ ending Noram -0.15% at 1.2580; NorAm range 1.2655-1.2548

  • Early rise to session high as Fed's Powell spoke at J-hole reversed

  • Powell notes inflation too high, long way to go fighting inflation

  • Sterling hits 2-1/2-month low as Powell maintains inflation vigilance

  • U.S. rates move higher converge w/UK rates; 2024 cuts pushed back to H2

  • Support at bruised lwr 30-d Bolli 1.2561, Friday low 1.2548, 30-WMA 1.2476

  • Res 100-DMA 1.2640, Friday high 1.2655, falling 10-DMA 1.2701

  • Friday slide may be short-lived as Persistently high UK inflation to keep BoE hiking

Source:
Refinitiv IFR Research/Market Commentary

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