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Oct 24 - 03:55 AM

GBP/USD - Holds Above 1.13 On Expectation Sunak To Be UK PM

By Rob Howard  —  Oct 24 - 02:50 AM
  • Pound supported by expectation that Sunak will be next UK PM nL8N31O05E

  • 1.1402 was GBP/USD high in Asia, after Johnson exited Tory leadership race

  • Retreat from 1.1402 based two pips shy of 1.1300 (1.1295 was early Asia low)

  • 1.1060 was Friday's low (at 1234 GMT), as Johnson return risk weighed on GBP

  • Pre-weekend high was 1.1314, following suspected BoJ intervention in USD/JPY

  • See: nL4N31M06AnL8N31O0Z5. 1.1402 was eight pips shy of Oct 18 high

Source:
Refinitiv IFR Research/Market Commentary

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