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Jun 30 - 03:55 PM

GBP/USD - Bid Sub-1.21 On Month-End Short-Cover, Risks Remain To Downside

By Paul Spirgel  —  Jun 30 - 01:35 PM
  • GBP$ ending NorAm firm +0.38% at 1.2170; Thursday range 1.2186-1.2093

  • GBP dogged by low rates, high inflation and mounting UK-EU trade angst

  • Sterling bounces off weekly low amid month-end position pruning nL1N2YH1LK

  • UK gradual nL8N2YG4MN path likely keeps downward pressure on GBP 0#SON3:

  • GBP$ bid sub-1.21, risks to downside below 1.2249 50% Fib of 1.2405-1.2093

  • Abv 1.2249 bulls eye 21-DMA 1.2308, 76.4% Fib at 1.2331, Jun 16 high 1.2405

  • Support at 1.2093 Thurs low, 1.2017 lower 30-d Bolli, 2022 low 1.1943

Source:
Refinitiv IFR Research/Market Commentary

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