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Oct 20 - 03:55 PM

GBP/USD - Post-Truss Resignation Gains Pared As Market Awaits New Regime

By Paul Spirgel  —  Oct 20 - 01:35 PM
  • GBP$ holds slight gain into close +0.23% at 1.1240; NY range 1.1338-1.1208

  • Bulk of session gain to 1.1338 after PM Truss exit dialed back

  • Former FinMin Sunak seen as PM frontrunner, bookies see BoJo in mix

  • Sterling bulls run into offers above 1.13 after PM Truss exits nL1N31L1AB

  • Traders dial back odds for BoE +100bp on Nov 3 to 14%; See Eikon IRPR

  • Cls sub-Wed 1.1356 high 4th straight lwr high, lwr low keeps bear structure

  • Res at 1.1356 Wed high, 1.1440 Oct 17 high, 1.1508 falling 55-DMA

  • Rise above the daily cloud (1.1849-1.17) shifts momentum to bulls

  • Support at 1.1199 the 200-HMA, 1.1172 Thursday low, 1.1135 21-DMA

Source:
Refinitiv IFR Research/Market Commentary

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