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Sep 13 - 05:55 AM

GBP/USD - Supported Around 1.3800 After Drop From 1-Week Low

By Rob Howard  —  Sep 13 - 03:40 AM
  • Cable elicited support around 1.3800 after extending south from 1.3888

  • 1.3888 was Friday's one-week high, 161 pips above Tuesday's 12-day low

  • Tuesday's low was plumbed after UK tax hike news hurt GBP nL1N2Q90B2

  • UK employers call for overhaul of tax system nL8N2QC2PP

  • 1.3828 (pre-weekend low) is now a resistance level. 1.3844 was Asia high

  • IMM specs raised net GBP short to 14-month high pre-Bailey nL1N2QF0E4

Source:
Refinitiv IFR Research/Market Commentary

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