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Dec 02 - 04:55 PM

GBP/USD - Taken To The Edge By Brexit Worries, Propped By Stocks, USD Drop

By Content Admin  —  Dec 02 - 02:45 PM
  • Cable fell almost to Friday's low on early Brexit threat nL1N2II1B5

  • But dollar weakness and S&P's rebound cuts much of those losses

  • Markets hoping for Brexit and U.S. fiscal deals nL1N2II2GT

  • Neither assured, but big downside if Brexit deal doesn't happen

  • Cable is stuck below September's 1.3481 peak, needs deal for clearance

  • Second day of minor breach above down TL from 2007, Thursday at 1.3414

  • Overbought bearish divergence pattern also warrants watching

  • UK's vaccine approval is supportive ceteris paribus nL8N2II10B

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Source:
Refinitiv IFR Research/Market Commentary

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