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Apr 27 - 03:55 PM

GBP/USD - Rallies 50-Pips Off 21-Month Low, Advantage Remains With Bears

By Paul Spirgel  —  Apr 27 - 01:45 PM
  • GBP/USD rallies into NY close, still -0.07% at 1.2565; NY range 1.2592-02

  • USD broadly bid, today's catalyst Russia cuts oil supply to Poland, Bulgaria

  • GBP bears feast on fundamentals, may gorge on wkly death cross nL2N2WP1QG

  • 10-WMA below 200-WMA hints at further GBP$ declines, GBP$ bid ahead of 1.25

  • Sub-1.25 bears eye Jul 10 2020 wkly low 1.2463, Jul 30 2020 wkly low 1.2252

  • Bulls need to regain lwr 30-d Bolli at 1.2721 to stem bearish tide

  • A close above 1.2901, the 50% Fib of 1.3299-1.2502 shift momentum to bulls

  • EUR/GBP -0.6% to 0.8412, Wed range 0.8464-0.8391; EUR slips to new 2020 low

  • Russia gas supply issues, reduced German, Italian growth prospects weigh on EUR

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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