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Jan 22 - 03:55 PM

GBP/USD - Fades As UST Yields Rise; Tariffs And Rate Uncertainties Dominate

By Refinitiv  —  Jan 22 - 01:38 PM

• GBP$ soft in NY afternoon, -0.3% at 1.2321; Wednesday range 1.2376-1.2307

• Rising UST yields provides boost, front-end gilt yield rise lags USTs

• Tariffs remain driver, increased headline risk prevails awaiting guidance

• Sterling may cool as traders shift gaze to BoE guidance in February

• As we near Feb 6 BoE meeting focus will shift back to rate policy, path

• Futures pricing -47bp by June meeting, Fed seen -22bp by June

• A more dovish BoE tilt would open way for test of Jan 13 low 1.21 and below

• GBP$ res 1.2381 falling 21-DMA, 1.2455, the 50% Fib of 1.2811-1.2100

• Supt 1.2307 Wednesday low, 1.2259 the 10-DMA, 1.2160 Jan 20 flash low

GBP Chart:


(Paul.Spirgel is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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