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May 14 - 06:12 AM

GBP/USD - Reclaims 1.23 Handle Before Powell Speaks

By Rob Howard  —  May 13 - 06:15 AM
  • Cable reaches 1.2315 after extending north from 1.2251 (3-week low in Asia)

  • Rise to 1.2315 aided by some profit-taking on GBP shorts after UK GDP data

  • The UK GDP data was not as bad as expected nL8N2CV1PHnL8N2CV2SP

  • EUR/GBP down to eye 0.8805 (Monday's top) vs 3-week high of 0.8855 in Asia

  • 1.2315 approximates to 50% retracement of GBP/USD fall from 1.2376 to 1.2251

  • 1.2376 was Tuesday's top. Fed chairman Powell speaks at 1300GMT nL8N2CU7JY

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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