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May 13 - 12:12 PM

GBP/USD - Torrent Of GBP Selling Versus EUR And JPY Overwhelms Early GBP/USD Gains

By Paul Spirgel  —  May 12 - 01:35 PM
  • GBP/USD soft into NY close -0.48% at 1.2270; NY range 1.2376-1.2267

  • Pair soft into Lon fix; UK data Wednesday, Brexit & virus issues weigh

  • Sterling support sub-1.23 may be tested after Wed's data dump nL1N2CU189

  • GBP/USD supt 1.2266 May 7's low, 1.2230 lower 30-d Bolli, 1.2166 Apr 7 low

  • Res 1.2376 Tues high, multiple DMA's 1.2411-24, 1.2466 May 8 high

  • Bears in control below the 200-DMA by 1.2661, abv Apr 14 trend high 1.2648

  • EUR/GBP +0.83% to 0.8840, Tues range 0.8843-0.8761, GBP soft vs yen as well

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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