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Sep 08 - 03:55 PM

GBP/USD's Fling With 2020 Highs Ends Amid Rising Brexit Angst

By Paul Spirgel  —  Sep 08 - 01:35 PM
  • GBP/USD limping into close, -1.12% at 1.3022; NorAm range 1.3069-1.3007

  • Pair hit 4-wk low into NY option cut, held in bottom 3rd of Tues range in NY

  • Haven flows lift USD broadly, sink GBP amid Brexit, pre-ECB, COVID woes

  • Brexit reality cools sterling's summer rally nL1N2G50TS

  • Bulls lose vigor, below 1.2997, 50% Fib of 1.2512-1.3481 gives bears control

  • Bulls need to regain 21-DMA (1.3182) to slow bearish tide

  • EUR/GBP +0.98% at 0.9060, Tues range 0.9062-0.8965; despite EUR caution pre-ECB Thursday

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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