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May 24 - 08:55 AM

GBP/USD - Reclaims 1.27 Handle After Respecting Monday Low

By Rob Howard  —  May 24 - 06:35 AM
  • Cable hits 1.2721 after extending north from early London low by 1.2675

  • That low was plumbed after weak UK retail sales data hurt the pound

  • Ascent to 1.2721 aided by positive US stock futures (GBP is risk-sensitive)

  • 1.2746 (Thursday's high, pre-US PMI beats) and 1.2761 are resistance levels

  • Better get ready for an end-of-month USD selloff - Barclays nL8N3HR24D

  • Battle for Anglo's copper assets tests BHP resolve as May 29 deadline looms

Source:
Refinitiv IFR Research/Market Commentary

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