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Solid GBP Looks to Reverse Entirety of Post-Powell Move Lower

GBP
  • GBP improves further in recent trade, helping tip GBP/USD to the best levels of the session as prices accelerate higher through 1.1963. GBP now the best performing currency in G10 along with the CHF following the more solid-than-expected monthly GDP release this morning, with markets shrugging off the softer production stats.
  • The rally in spot boosts prices away from the larger option interest seen at the Friday NY cut, with GBP658mln rolling off at the 1.1900 handle. Further progress opens the 100-dma for direction at 1.2017, while 1.2025 would erase the entirety of the post-Powell USD strength.
  • Similarly, EUR/GBP is plumbing a fresh low at 0.8849, printing the lowest level since Mar 06.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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