GBP/USD reclaims 1.2350 and snaps three days of losses, ahead of US Retail/Sales, CPI By christianborjon GBPUSD Majors Macroeconomics Technical Analysis
.187 as market players flew towards safe-haven peers. At the time of writing, the GBP/USD is trading at 1.2373.are trading on the backfoot while rising US Treasury yields underpin the greenback. The sentiment dampened courtesy of China’s slowest exports report in almost two years, a consequence of the Covid-19 zero-tolerance restrictions. The GBP/USD traded at a new YTD low at 1.2260 but bounced off those levels and pushed above the 1.2300 figure, towards current levels.
Higher US Treasury yields reaffirm that market players are convinced that the Fed would bring inflation to its target and have priced at least 200-bps rate hikes by 2022. Additionally, the US docket would feature Retail Sales, inflation figures, and consumer sentiment late in the week, which could shed some light on Q2 after Q1 GDP contracted to 1.4%.Fed President Raphael Bostic
expressed that the Fed might go for two, “maybe three” half-point hikes, and then the Fed would assess the economy. On the UK side, the Bank of England Michael Saunders, one of the three 50-bps dissenters, emphasized his preference to move relatively quickly, and some further tightening may be. However, he added that he might not vote for a half move in the next meetings.The GBP/USD remains downward biased, but Monday’s price action might be a prelude to a lateral move before resuming the downtrend or shifting upwards.
Upwards, the GBP/USD first resistance would be 1.2400. Break above would expose July 2020 cycle low at 1.2479, followed by the 1.2500 figure. On the other hand, the GBP/USD first support would be the 1.2300 mark. A breach of the latter would expose the YTD low at 1.2260, followed by May 2020 cycle low at 1.2075.
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