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Jan 03 - 05:55 AM

GBP/USD - Drops Through 1.20 To Lowest Level Since Nov 30

By Rob Howard  —  Jan 03 - 03:35 AM
  • Cable hits 1.1938 after tripping stops on the break below 1.2000

  • 1.1938 is lowest level since Nov 30 (1.2003 was last week's low)

  • Ongoing UK strike action is negatively impacting sentiment towards GBP

  • Trains will be disrupted for five days (Tuesday-Saturday, Jan 3-7)

  • Bids may emerge near 1.1900 (Nov 30 low) if GBP/USD extends south

  • IMM net GBP short position up for first time in four weeks nL1N33O0C3

Source:
Refinitiv IFR Research/Market Commentary

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