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Apr 19 - 03:55 PM

GBP/USD - Support By Mid-Nov Low 1.2375 Tested, But Holds For Now

By Paul Spirgel  —  Apr 19 - 01:35 PM
  • GBP$ soft into NorAm close, -0.38% to 1.2390; Friday range 1.2467-1.2373

  • Pair dips to new 2024 low, gains momentum into NY close after dovish Ramsden

  • By contrast Fed's Goolsbee noted dove, parrots steady rate mantra

  • Sterling still challenged after flash recovery nL2N3GS1JO

  • GBP$ supt at 1.2373 Friday low, 1.2290 the 100-DMA, 1.2185 Nov 3 low

  • Res 1.2428 falling 10-HMA, 1.2467 Friday high, 1.2498 April 15 high

  • Long wicks all week ahead of 1.25 hints at lack of bullish fervor

  • Diverging US-UK rate outlook favor further USD gains; inflation data key

Source:
Refinitiv IFR Research/Market Commentary

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