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Sep 01 - 05:55 AM

GBP/USD - Bulls Face An Uphill Struggle

By Richard Pace  —  Sep 01 - 03:57 AM
  • GBP/USD mid 1.37's after month end/fix flows took pair to 1.3807 Tuesday

  • 200-dma 1.3709 is solid resistance, reinforced by thick daily cloud

  • Daily cloud 1.3765-1.3911 - GBP/USD closed, and trades below daily cloud

  • Bulls need close within cloud, break of 200-dma to increase upside potential

  • Initial support comes in at 10-dma 1.3721, break opens Fri 1.3679 low

  • FX options retain a premium for GBP puts over calls - downside

  • Flows said to be light as FX lacks conviction before Friday's U.S. jobs data

For more click on FXBUZ


GBP=D3 Click here

Source:
Refinitiv IFR Research/Market Commentary

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