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Feb 02 - 03:55 PM

GBP/USD - Reverses Early EUR-Related Selloff, Recent Range Remains Intact

By Paul Spirgel  —  Feb 02 - 01:38 PM
  • GBP/USD off early NorAm low 1.3611, ending NY 1.3650, NY range 1.3681-11

  • Pair belatedly followed EUR lower as some remain wary of BoE neg rates

  • EUR points the way as sterling retreats, eyes 30-DMA support nL1N2K81EB

  • Pair finds support at 1.3610 Jan 26 low, 1.3594 daily Kijun line

  • Bulls remain in control abv 1.3474, the 50% Fib of 1.319-1.3759 Dec-Jan rise

  • EUR/GBP falls to new 9-mos low 0.8796 ends NY 0.8806 -0.2%; dour EU COVID, growth view lifts GBP

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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