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Jun 02 - 06:55 AM

GBP/USD - Faces A Juggling Act As Factors Collide

By Peter Stoneham  —  Jun 02 - 05:00 AM
  • GBP/USD attempting to lift within a thin holiday market

  • A two-day trend break left the pound vulnerable to a deeper fall

  • However, loss consolidation more likely than a sharp decline

  • Infl. and growth concerns, BoE rate stance and political uncertainty in play

  • BoE rate hikes no longer viewed as GBP positive: more a brake on growth

  • Hawkish Fed, broad dollar gains and growth uncertainty to slow any GBP gains

  • Technically, two 50% Fibos hold the keys: 1.2411 and 1.2723

  • The retracements taken off 1.2156-1.2666 and 1.3290-1.2156 respectively

    For more click on FXBUZ








GBP/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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