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GBP: Cable Extends Session Losses amid Pressure on Gilts

GBP
CEEMEABulletUKMarketsForeign Exchange Bullets
  • The higher UK yields offering little support to sterling, with the dollar bid gaining further traction and prompting cable to slide the best part of 40pips in recent trade. Momentum picked up through the early session lows of 1.2440, with spot printing lows of 1.2409 so far.
  • The trend condition in GBPUSD remains bearish and the sharp sell-off on Jan 2 confirmed a resumption of the medium-term downtrend. The bear trigger is 1.2353 (Jan 2 low) and below here, the focus will be on the 2024 lows at 1.2300.
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  • The higher UK yields offering little support to sterling, with the dollar bid gaining further traction and prompting cable to slide the best part of 40pips in recent trade. Momentum picked up through the early session lows of 1.2440, with spot printing lows of 1.2409 so far.
  • The trend condition in GBPUSD remains bearish and the sharp sell-off on Jan 2 confirmed a resumption of the medium-term downtrend. The bear trigger is 1.2353 (Jan 2 low) and below here, the focus will be on the 2024 lows at 1.2300.