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Mar 23 - 08:55 AM

GBP/USD - Drops To Its Lowest Level For Six Weeks

By Rob Howard  —  Mar 23 - 06:38 AM
  • Cable hits 1.3752 after falling further from 1.3852 (post-UK jobs data high)

  • 1.3752 is low since Feb 9 and 61.8% Fibo of 1.3451-1.4240 (Jan low-Feb high)

  • Drop to 1.3752 influenced by decline in risk appetite on negative COVID news

  • See: nL4N2LL24I. GBP is a risk-sensitive currency while USD is safer-haven

  • 1.3779 (March 5 low) is now a resistance level, pre-1.3800 nL1N2LL0LU

  • U.S. Treasury auctions to test demand after volatile trading nL1N2LK2ZM

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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