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Nov 17 - 07:55 AM

GBP/USD - Drops Back Below 1.19 As UK Budget Plan Looms

By Rob Howard  —  Nov 17 - 05:35 AM
  • Cable hits 1.1863 (intra-day low) after sliding from 1.1957 (two-day high)

  • Slide precedes UK budget plan announcement from 1130 GMT nL1N32D0EI

  • 1.1867 was Asian session base (before climb to 1.1957 high at 0821 GMT)

  • Support points include 1.1834 (Wednesday's treble hourly low) and 1.1800

  • Bids around 1.1800 based Tuesday fall spurred by Poland missile blast news

  • 1.2026 was three-month high Tuesday, on soft U.S. PPI data (pre-Poland news)

Source:
Refinitiv IFR Research/Market Commentary

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