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Feb 22 - 03:55 PM

GBP/USD - Gassed By Daily Cloud Top 1.2141 As Fed Clings To Higher-For-Longer

By Paul Spirgel  —  Feb 22 - 02:10 PM
  • GBP$ soft into NY close, -0.3% at 1.2080; Wed range 1.2135-1.2056

  • Fed mins keep to higher-for-longer narrative USD holds recent gains

  • Fed mins: more hikes needed to achieve FOMC job, inflation objectives

  • Sterling bulls on the fence awaiting rate clues from Fed nL1N35218N

  • Tech pic mixed death cross 21DMA below 55DMA & golden cross 100 abv 200DMA

  • Pair runs into res by daily cloud top 1.2141, 55-DMA 1.2172

  • Support at 1.2056 Wed low, 1.2039 100-HMA, 1.1990 Feb 21 low

  • EUR/GBP +0.16% at 0.8802, Wed range 0.8823-0.8780; recent GBP longs unwind amid rising Fed hike view

Source:
Refinitiv IFR Research/Market Commentary

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