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Jun 07 - 06:55 AM

GBP/USD - Reclaims 1.25 Handle On Turnaround Tuesday

By Rob Howard  —  Jun 07 - 04:40 AM
  • Cable hits 1.2535 (intra-day high) after extending north from 1.2433

  • 1.2433 was near three-week low in early London trade on Johnson woe

  • See: nL1N2XU0CJ. Turnaround aided by some profit-taking on GBP shorts

  • Profit-take flow kicked in after third EUR/GBP failure to vault 0.8585

  • 0.8585 was May 24 high nL1N2XU0DA. IMM speculators hold big net GBP short

  • UK May service PMI revised up to 53.4, from 51.8 flash estimate nZRN004ITM

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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