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Feb 24 - 01:55 PM

GBP/USD - Eyes 2023 Low At 1.1842 After PCE Hints At Persistent Inflation

By Paul Spirgel  —  Feb 24 - 01:00 PM
  • Sterling soft into NY cls, -0.52% at 1.1952; NorAm range 1.1987-28

  • Pair added to weakness after U.S. PCE/consumption data rise, rates rise

  • Sterling tests 100-DMA support after hot US PCE, consumption data

  • UST yields rise across curve; Dec cut odds dip -8bp from Sept high 3.405%

  • 100-DMA (1.1942) bruised but holding, cls below eyes 1.1842 Jan 6's 2023 low

  • Res at 1.1977 10-HMA, 1.2042 Friday high, 1.2123 21-DMA, 1.2147 Feb 21 high

  • Bulls need a rise above the daily cloud (1.2200) to stem bearish tide

  • EUR/GBP +0.12% at 0.8829, Fri range 0.8835-0.8789; moves USD/US-rate based

Source:
Refinitiv IFR Research/Market Commentary

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