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Aug 08 - 02:36 PM
GBP/USD - Bids Just Under 1.2100 Protect 31-Month Low
First appeared on eFXplus on Aug 08 - 10:20 AM
  • Cable elicited fresh support below 1.21 after a UK Nov election tip hurt GBP
  • See: nS8N1IO05H. 1.2095 = lowest level for cable this week
  • 1.2091 was last Friday's low. 1.2080 was last week's 31-month low (Aug 1)
  • Some of the sub-1.21 demand attributed to profit-taking on GBP shorts
  • GBP/USD was trading circa 1.25 when Johnson became UK PM (on July 24)
  • IMM specs upped gross GBP shorts by 19% in the week to July 30

GBPUSD: Click here

Source:
Refinitiv IFR Research/Market Commentary

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