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Jul 21 - 03:55 PM

GBP/USD - Settles Near Flat After Post-ECB Surprise Whipsaw

By Paul Spirgel  —  Jul 21 - 01:40 PM
  • GBP$ back from early NorAm low, -0.13% at 1.1960; Thurs range 1.2004-1.1891

  • Whipsaw post-ECB surprise 50bp hike initial move higher faded

  • ECB boost to GBP fleeting as inflation, growth risks remain nL1N2Z217Y

  • Sterling offered above 1.20, 4th consecutive session bulls unable to hold

  • Pair moves back w/in confines of 10/21-DMA (1.1929/1.2032) after dip below

  • Resistance at Jul 19 high 1.2044, 50% Fib 1.2083, 30DMA 1.2089

  • Close above 1.2083 50% Fib of 1.2405-1.1761 shifts momentum to bulls

  • EUR/GBP +0.1% at 0.8512, Thurs range 0.8585-12; hawkish ECB liftoff boosts EUR

Source:
Refinitiv IFR Research/Market Commentary

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