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Jan 28 - 03:48 PM

GBP/USD - Bears In Control Below Daily Cloud, Ahead Of MPC And Brexit

By Paul Spirgel  —  Jan 28 - 01:25 PM
  • GBP/USD rises off 1-wk low 1.2976, ends NY 1.3000, Tues range 1.3066-1.2976

  • Reduced global growth view, 50% chance of BoE cut Jan 30 weighs on GBP

  • Sterling succumbs to global growth fears as BoE risks loom nL1N29X0M8

  • Below daily cloud (1.3017) adds to bearish tone, next supt 1.2955 2020 low

  • Resistance 1.3056 the 200-DMA, then Jan 24 high & daily cloud top 1.3180/90

  • EUR/GBP +0.38% at 0.8469, Tues range 0.8478-37; BoE Thurs, Brexit Friday sees GBP longs lighten

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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