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Aug 23 - 11:55 AM

GBP/USD - Extends Rally But Wise To Eye A Top Around 1.3750

By Jeremy Boulton  —  Aug 23 - 10:02 AM
  • GBP/USD rises 1.3610-1.3702 shaking off poor PMI data nL1N2PU0IA

  • There's further room to rise but high probability 1.3750 area caps

  • 1.3748 is 38.2% July-Aug drop from 1.3983 to 1.3602

  • Au 19 high was 1.3754, Aug 18 low 1.3730

  • Break would expose Aug 18 peak at 1.3786 and 50% Jul-Aug drop at 1.3793

  • Those selling strength can use 50% to shelter stops on 1.3730-50 entry

  • 55-WMA at 1.3593 is key below nL1N2PU0DT

Source:
Refinitiv IFR Research/Market Commentary

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