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Feb 12 - 07:55 AM

GBP/USD - Holds Near 1.38 After History-Making UK GDP Data

By Rob Howard  —  Feb 12 - 05:45 AM
  • Cable has traded a 29 pip range since the London open, 1.3776-1.3805

  • 1.3776 marks the lowest level since Tuesday (courtesy of USD buy-backs)

  • Support points below 1.3776 include 1.3759 (Jan high) and 1.3740

  • 1.3740 was Feb 5 high (after disappointing U.S. NFP data hurt the USD)

  • UK GDP fell 9.9% in 2020, steepest drop since 1709 nL8N2KI1UV

  • Double-dip recession avoided, thanks to positive Q4 GDP number nL1N2KI0C6

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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