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May 13 - 03:55 AM

GBP/USD - Within Strike Of 1.22 After Lift From Two-Year Low

By Rob Howard  —  May 13 - 02:45 AM
  • Big 1.2200 option expiry helps to anchor cable after Thursday fall to 1.2165

  • The size of the 1.2200 strike for 10am ET NY cut is GBP 724 mln nL2N2X5098

  • 1.2165 = two-year low, courtesy of risk aversion and negative UK March GDP

  • Recovery rally from 1.2165 topped out just shy of 1.2252 (July 2020 low)

  • USD supported by expectation of 50 bps Fed hikes in June/July nL2N2X433H

  • CFTC data at 1930 GMT may show 10th consecutive weekly rise in net GBP short

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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