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GBP Inches Higher as Pill Fails to Repeat '24 Rate Cut Messaging

GBP
  • GBP now trades toward the top-end of the G10 table, with GBP/USD showing through yesterday's late NY highs alongside the commentary from BoE's Pill - who moved markets earlier in the week in suggesting that it's reasonable to expect rates could be cut by mid'24.
  • He doesn't repeat that messaging today, stressing that the BoE cannot "declare victory on inflation" and that restrictive policy will be maintained for an extended period.
  • 1.2313 marks next intraday resistance, the 38.2% retracement of the week's range. 1.2335 would be next, marking the mid-point of the hi-lo since Monday.

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