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May 29 - 03:55 PM

GBP/USD - Backs Off Tuesday High Above 1.28 Ahead Of Inflation Data Friday

By Paul Spirgel  —  May 29 - 01:40 PM
  • GBP/USD soft in NorAm afternoon, -0.42% at 1.2708; Wednesday range 1.2772-06

  • USD broadly firm as UST yields rise, despite larger UK rate rises

  • Sterling slips from Tuesday's high, awaiting inflation, rate clues

  • Recent GBP gains tempered ahead of key euro zone, U.S. inflation data Friday

  • US, UK 2024 policy paths similar; near 50% odds for first cut, -30bp by YE

  • Momentum with GBP bulls above 1.2596, the 50% Fib of 1.2894-1.2299

  • Supt at 1.2706 Wed low, 1.2676 daily low May 24, 1.2635 100-DMA

  • Res 1.2754 50% of 1.2801-1.2706, 1.2772 Wed high, 1.2812 upper 30-d Bolli

Source:
Refinitiv IFR Research/Market Commentary

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