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Apr 28 - 04:55 PM

GBP/USD - Rallies After Dovish Fed Hold, Steady APP View Near-Term

By Paul Spirgel  —  Apr 28 - 02:59 PM
  • GBP boosted into close +0.29% at 1.3946, NorAm range 1.3951-1.3863

  • Dovish Fed hold, steady taper weighs on USD, UST yields slip post-Fed

  • Fed awaits substantial further progress, long way from emp/price goals

  • Powell: recovery uneven; near-term inflation transitory nN9N2JO020

  • GBP's cloud base support holds as early UST yield rise recedes nL1N2ML1MP

  • Pair bests Apr 21 high, eyes upper 30d Bolli 1.3986, then Apr 20 high 1.4009

  • 10-DMA by 1.3896 supports, then 1.3839 50% fib of 1.3670-1.4009 Apr rise

  • May 6 MPC in focus; with similar growth, inflation view as US BoE likely to kick can down the road as well

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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