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Nov 02 - 03:55 PM

GBP/USD - Firm, Unable To Hold Gains Above 1.22 After BoE Rate Hold

By Paul Spirgel  —  Nov 02 - 01:35 PM
  • GBP$ ending NorAm +0.3% at 1.2185; Thursday range 1.2225-1.2132

  • Pair rallied after BoE rate hold, soft labor costs and durables

  • Sterling builds on post-Fed gains after BoE rate hold nL1N3C31N9

  • Friday's U.S. payrolls in focus; Nov 14,15 CPI releases also key

  • Pair anchored by 3-DMA at 1.2188 most of NorAm afternoon

  • Resistance at Thurs high 1.2225, 10-Wk MA 1.2274, Oct 24 high 1.2288

  • Close abv 1.2392 50% Fib of 1.2746-1.2039 shifts momentum to GBP bulls

  • Support 10-DMA 1.2159, Thurs low 1.2132, Oct 30 low 1.2090

Source:
Refinitiv IFR Research/Market Commentary

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