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Feb 26 - 11:55 AM

GBP/USD - Rallies From Levels That Matter

By Jeremy Boulton  —  Feb 26 - 09:49 AM
  • GBP/USD rallies from 1.3890 to 1.3953

  • At 1.3939 pair met min correction objective for 2020's rise

  • 38.2% retracement 1.3451-1.4240 is 1.3939; 50% 1.3846, 21-DMA 1.3860

  • GBP/USD has seen sufficient correction to allow resumption uptrend

  • A key factor that will underpin pound is lack of spec longs IMM/FX

  • Without excessive spec longs weighing pair's retreat may be small

  • Levels over 1.40 attract non-spec sellers, but unlikely to chase pair down

  • Same sellers will likely repeat their interest but have less GBP to hedge

  • Related comment nL1N2KW10K



GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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