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Jun 24 - 06:55 AM

GBP/USD - Eyes Friday High After Rise From Five-Week Low

By Rob Howard  —  Jun 24 - 05:00 AM
  • Cable reaches 1.2665 after pushing its recovery envelope from 1.2622

  • 1.2622 was Friday's five-week low, after UK services PMI miss, US PMI beats

  • Ascent from 1.2622 aided by profit-taking on shorts (1.2619 is 55DMA)

  • Friday's high was 1.2675, after better than expected UK retail sales data

  • 1.2700 is obstacle beyond (1.2695 was low before BoE's dovish hold Thursday)

  • Biden-Trump presidential debate this week. UK election next week (July 4)

Source:
Refinitiv IFR Research/Market Commentary

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