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Sep 10 - 03:55 PM

GBP/USD - Longs Fade Into Daily Cloud, Eye 200-DMA By 1.2739

By Paul Spirgel  —  Sep 10 - 01:35 PM
  • GBP/USD melts lower ending NY -1.27% at 1.2837; NorAm range 1.3024-1.2785

  • Sterling dips vs EUR, JPY as well as Brexit uncertainties mount nL8N2G713X

  • ECB brings no good news for sterling nL1N2G70Y5; watching EUR strength

  • Bearish engulfing candle has bears eye 200-DMA 1.2739, cloud base 1.2693

  • Bulls capitulate, need rise abv Wed/Thurs highs in low 1.30s to slow slide

  • EUR/GBP to 5-1/2 month high +1.76% to 0.9240, Thurs range 0.9270-0.9078

  • Brexit angst, coupled with ECB inaction on EUR strength weighs on GBP

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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