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Oct 22 - 03:55 PM

GBP/USD - Close Below The Daily Cloud Saps Bulls Of Vigor

By Paul Spirgel  —  Oct 22 - 01:37 PM
  • GBP/USD slips into close -0.32% at 1.3745; Friday range 1.3815-1.3736

  • GBP weakness outpaces other recent high-flyers; CAD -0.05%, NZD -0.1%

  • Risk hit, USD & EUR flat, yen +0.4%; BoE hike odds slipping BOEWATCH

  • Sterling slips as sideways data tempers BoE hike expectations nL1N2RI15U

  • Failures abv 1.38 by 1.3831's 50% Fib of 2021 range dents bullish structure

  • Close below daily cloud adds to bearish structure, next supt 1.3723's 55-DMA

  • Sub-55DMA bears eye 1.3623, the 50% Fib of 1.3412-1.3834 rise

  • Golden cross forming 10-DMA rising abv 55-DMA, provide hope for bulls

  • EUR/GBP +0.34%, GBP/JPY -0.71%, reduced UK rate hike hopes stirs GBP long unwind

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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