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Jul 12 - 03:55 PM

GBP/USD - Unable To Hold Above 1.3900, Finds Support Ahead Of 10-DMA

By Paul Spirgel  —  Jul 12 - 01:42 PM
  • GBP/USD ending NorAm -0.2% at 1.3879; NorAm range 1.3905-1.3839

  • GBP tempers gains as PM cautions on COVID ahead of reopening nL1N2OO18F

  • Despite Monday weakness support holds ahead of 10-DMA at 1.3830

  • PM urges caution as lockdowns lifting Jul 19; seen growth/inflation positive

  • A close abv 21-DMA at 1.3891 eyes daily cloud base at 1.3960

  • Bulls gain momentum above 1.3992, the 50% Fib of 1.4250-1.3734 Jun/Jul dip

  • EUR/GBP flat on the day holds just above recent lows by 0.8530

  • UK COVID/econ recovery more advanced in UK; UK rate futures more hawkish than EZ

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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