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Sep 10 - 01:55 PM

GBP/USD - Summer Gains Unravel Amid Growing Brexit Angst

By Paul Spirgel  —  Sep 10 - 12:10 PM
  • GBP/USD soft into Lon close -1.28% at 1.2836; NorAm range 1.3024-1.2853

  • Pair slips to new 6-week low on dour Brexit view, ECB not acting on EUR

  • UK backtracking on EU agreement w/regard to internal mkt nS8N2EK01R

  • Sterling weak vs USD, JPY and EUR begins to unwind summer gains

  • GBP/USD breaks below 10-WMA (1.2977), eyes summer lows to 200-DMA 1.2739

  • Then July 19/20 dbl bottom by 1.2619, Jun 29/30 dbl bottom in 1.2250s

  • Bears in command, bulls need a rise abv Wed/Thurs highs 1.3022/35

  • EUR/GBP +1.87%, at new 5 1/2-month high 0.9249, Thurs range 0.9250-0.9078

  • Deteriorating Brexit, ECB ok w/EUR strength weighs on GBP

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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