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May 23 - 03:55 PM

GBP/USD - Eyes 1.27 Support After Slide From Pre-PMI Highs

By Paul Spirgel  —  May 23 - 01:35 PM
  • GBP$ soft into NorAm close, -0.07% at 1.2708; NorAm range 1.2746-05

  • Higher UST yields, lower Fed cut odds post-PMIs weighs on GBP/USD

  • Eyes on this year's sterling high as rate debate rages nL1N3HQ1JC

  • Despite the slide from Wed's 1.2761 high support still holding by 1.27

  • Supt 1.2701 May 22 low, 1.2691 61.8% of 1.2648-1.2761, 1.2657 rising 10-DMA

  • Both Fed and BoE cut odds reducing yields no advantage to USD or GBP

  • IRPR shows Fed/BoE Sep cut odds just abv 50%, Fed -35bp, BoE -31bp by Dec meets

Source:
Refinitiv IFR Research/Market Commentary

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