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Feb 10 - 07:24 AM

GBP/USD - Reclaims 1.29 Handle After Drop To 10-Week Low

By Rob Howard  —  Feb 10 - 05:30 AM
  • Cable eyes 1.2921 after pushing its recovery envelope from 1.2873

  • 1.2873 = early Ldn 10-week low nL1N2AA06O. 1.2921 was Thursday's low

  • Recovery rally from 1.2873 aided by some profit-taking on GBP shorts

  • 1.3204 was GBP/USD high seven days ago -- before EU/UK friction hurt GBP

  • Resistance levels beyond 1.2921 include 1.2960 (Friday's high) and 1.30

  • UK data aplenty on Tuesday at 0930GMT: Dec GDP f/c +0.2% nL1N2AA078

GBPUSD: Click here

Source:
Refinitiv IFR Research/Market Commentary

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