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Jul 08 - 03:55 PM

GBP/USD - Bulls Pierce 1.2600, Eye 200-DMA Resistance Ahead Of 1.2700

By Paul Spirgel  —  Jul 08 - 01:45 PM
  • GBP firm into NY close +0.51% at 1.2607; NorAm range 1.2610-1.2529

  • USD broadly weak as upbeat glbl growth view trumps rising US virus rise

  • Sterling overcomes Merkel's Brexit gloom, eyes rise to 200-DMA nL1N2EF14S

  • 55-WMA res at 1.2609 holding, next 30-WMA by 1.2626, then 200-DMA at 1.2696

  • Bulls in control above cluster of DMA's 1.2454-1.2427 (10/100/55)

  • EUR/GBP +0.06% to 0.8991, Wed range 0.9010-0.8978, moves dollar based

  • Recent cross weakness has aided GBP ascent vs USD and other major CCYs

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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