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Aug 17 - 05:55 AM

GBP/USD - Reclaims 1.21 Handle As BoE Expectations Shift

By Rob Howard  —  Aug 17 - 04:55 AM
  • 1.2119 is cable high water-mark since its 1.2080 intra-day low at 0808 GMT

  • Drop to 1.2080 influenced by some profit-taking on long positions

  • 1.2143 was knee-jerk high after UK July CPI topped 10% nL8N2ZT1CC

  • Hot UK CPI data has spurred hawkish shift in BoE rate expectations

  • Money markets see BoE rate rising to 3.75% (vs 3.43% at Tuesday's close)

  • 0#BOEWATCH. 1.2143 was six pips shy of Monday's high nL1N2ZT0CX

Source:
Refinitiv IFR Research/Market Commentary

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