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Jul 12 - 01:55 PM

GBP/USD - Despite Big-Figure Bounce Off 2022 Low Sterling Risks Remain To Downside

By Paul Spirgel  —  Jul 12 - 01:30 PM
  • Sterling ending NorAm +0.01% at 1.1896; Tuesday range 1.1914-1.1808

  • Pair had dipped to new 2022 low amid growing political angst nS8N2Y1069

  • Pair has put in new 2022 lows in 7 of last 10 trading sessions

  • USD broadly firm amid energy supply nL1N2YS1CI, recession uncertainties

  • Sterling looks lower still as rates, risk aversion fuel slide nL1N2YT12Q

  • Support at 10-HMA 1.1868, Tuesday's 2022 ow 1.1807, Mar 26 2020 low 1.1778

  • Resistance Tues high 1.1914, 10-DMA 1.2023, 1.2106 50% of 1.2405-1.1808

  • Rise abv 1.2106 shifts momentum to bulls, series of DMAs cap from 1.2023-1.2336

Source:
Refinitiv IFR Research/Market Commentary

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