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Jul 30 - 11:55 AM

GBP/USD - COMMENT-Sterling Little Changed After PCE, Near July High As Month Ends

By Paul Spirgel  —  Jul 30 - 10:34 AM

GBP/USD was little changed on Friday but on course to end the week higher and close out July near its peak for the month, and possibly end the session above the 10-week moving average at 1.3911, which would enhance cable's bullish outlook.

PCE data nL1N2P52DB held little sway over forex markets, though slightly below-consensus core PCE prices appeared to support the Fed's cautious approach to discussing asset purchase tapering at this week's meeting.

That reluctance has helped GBP/USD recover from its recent slide to 1.3573.

With several BoE members shifting to more hawkish bias, and short-sterling futures indicating a earlier BoE rate hike than the Fed 0#FSS:0#ED:, GBP bulls are being drawn to the Aug.
2 cloud twist just above today's 1.3984 high.

A close above the 10-WMA at 1.3911 would give bullish momentum to sterling ahead of the Aug.
5 BoE meeting, and a hawkish tone there could send it through resistance at June 23's 1.4001 high, putting it on a path toward June 1's 1.4250 high.

For more click on FXBUZ

GBP Chart: Click here

Refinitiv IFR Research/Market Commentary


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