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Nov 15 - 01:55 PM

GBP/USD - 1.2648 Flips From Support Point To Resistance Level

By Rob Howard  —  Nov 15 - 11:55 AM
  • Cable runs into resistance ahead of 1.2648 after modest rally from 1.2615

  • Lift aided by some profit-taking on shorts after June low respected

  • 1.2648 was Thursday's NY afternoon low (after USD rose on Powell guidance)

  • GBP/USD broke below 1.2648 following strong US data earlier nL1N3MM0GK

  • 1.2700 and 1.2719 (Thursday high/Tuesday low) are obstacles beyond 1.2648

  • UK Oct inflation data due on Nov 20; CPI forecast at 2.2% YY (Reuters poll)

Source:
Refinitiv IFR Research/Market Commentary

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