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Thomson Reuters
Jun 11 - 08:36 AM
GBP/USD - COMMENT-Could Be Time For Some Sterling Appreciation
First appeared on eFXplus on Jun 11 - 05:30 AM

The EUR/GBP chart suggests the underlying trend out of GBP may be losing momentum.
EUR/GBP scaled a 21-week peak at 0.8932 early Tuesday.
Offers soon came in and the resulting retreat has begun to ask questions of the underlying bull run.
The cross has come up a long way since the May 6 hammer candle 0.8456 low, with no appreciable pull-backs.
Some stress is showing up in the daily chart ahead of a key Fibo level -- 0.8950 is the 76.4% retrace of the 0.9102-0.8456 drop .
Positive momentum fading and RSI bearish divergence was evident Tuesday.
The pound still has problems as political uncertainty grows.
However, better UK earnings data than expected has put the recent hawkish tone from Bank of England policy makers into perspective, which provides GBP with a prop nL9N0MN00B.
The data bolstered two BoE hawks, Andrew Haldane and Michael Saunders, especially following Monday's dismal UK data nL9N1SF00Q.
Don't write off the trend just yet, but this week's action needs to be watched for stronger reversal warnings.

EUR/GBP Daily Candle Chart: Click here

Thomson Reuters IFR Markets


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