By Paul Spirgel — May 21 - 01:40 PM
GBP$ flat at 1.2705 into NY close, Tuesday range 1.2727-1.2687
Early NorAm high faded ahead of Wednesday's UK CPI release
Sterling hovers near trend highs ahead of key UK CPI Wednesday
UK core and HL CPI f/c lower may increase odds for June BoE cut
Should odds for June and August cuts increase GBP$ likely gets hit hard
GBP$ has put in higher high, higher low for 5 straight sessions
Res 1.2727 Tues high, 1.2734 38.2% Fib of 1.3144-1.2070, 1.2803 Mar 18 high
Source:
Refinitiv IFR Research/Market Commentary