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Dec 18 - 04:55 PM

GBP/USD - Slides Toward Dec Low Just Above 1.26 After Hawkish Fed Cut

By Paul Spirgel  —  Dec 18 - 02:45 PM
  • GBP$ soft post-Fed cut -0.53% at 1.2643, Wednesday range 1.2730-1.2627

  • Fed hawkish 25bp cut lifts USD, GBP traders now focus on BoE Thurs

  • Fed cuts rates but sees slower pace of further reductions, firmer inflation

  • BoE may hold more sway for sterling than the Fed nL1N3NJ0IR

  • BoE exp'd to hold rate after recent data hints at persistent inflation

  • IRPR indicates UK rates landing at 4.24%, Fed rates 4.13% by YE 2025 IRPR

  • Higher CPI, large dip in CBI (Mfg output) makes for difficult BoE decision

  • GBP$ supt 1.2627 the post-Fed low, 1.2608 The Dec 13 low, 1.2512 Nov 26 low

  • Res 1.2700 post-Fed high, 1.2730 Wednesday high, 1.2811 the 200-DMA

Source:
London Stock Exchange Group | Thomson Reuters

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