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Aug 21 - 03:55 PM

GBP/USD - Follows EUR Lower After EZ PMI Misses, Opaque EU-UK Trade View

By Paul Spirgel  —  Aug 21 - 01:35 PM
  • GBP/USD offered into weekend, -01.03% at 1.3076; NorAm range 1.3154-1.3059

  • USD rallied on weak DE, EZ PMIs nL8N2FN1ZJ, Brexit impasse nL8N2FN28S

  • EUR/USD's PMI pain adds to sterling's Brexit troubles nL1N2FN0UG

  • GBP/USD support at 1.3060 area Aug 20/21 low area, 1.3006 Aug 12 low

  • Bulls losing vigor, remain in control above 1.2894, 50% Fib of 1.2512-1.2726

  • Bulls run into res abv 1.3250, failing in 3 of last 4 sessions

  • EUR/GBP +0.35% at 0.9007, Fri range 0.9015-0.8945, Thursday EUR selling via cross reversed

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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