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Mar 16 - 12:12 PM

GBP/USD - Elicits Support Ahead Of 1.2210, Oct 10 Low

By Rob Howard  —  Mar 16 - 10:40 AM
  • Cable elicited support pre-1.2210 after extending south from 1.32

  • 1.2210 was low on Oct 10 -- which was Brexit breakthrough day nL1N2B908T

  • Drop to 1.2210 fuelled by risk aversion: S&P 500 sheds $2 trillion in value

  • See: nL4N2B94VD. USD is above GBP on the safe-haven currency ladder

  • Waves of sell stops were tripped during last week's 9.5 cent slump from 1.32

  • See: nL1N2B90F2. More stops may be sheltering under 1.2196 (Oct 8 low)

GBPUSD: Click here

Source:
Refinitiv IFR Research/Market Commentary

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