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Oct 06 - 06:55 AM

GBP/USD - Falls 49 Pips After Failing To Break Sept 16 High

By Rob Howard  —  Oct 06 - 04:40 AM
  • Cable drops to 1.2958 after early Ldn gains topped out a pip shy of 1.3008

  • 1.3008 was Sept 16 high (FOMC day) nL1N2GX068. 1.2958 = intra-day low

  • Rise to threaten 1.3008 influenced by hope that EU-UK might agree trade deal

  • EU wants a trade deal with UK, but cannot exclude "no deal" - Sefcovic

  • See: nL8N2GX1RC. Fear of "no deal" weighed heavily on GBP last month

  • UK September construction PMI 56.8 vs 54.0 f/c nL8N2GW49E

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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