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Feb 03 - 11:55 AM

COMMENT - Sterling Holds Firm By 30-DMA Support As EUR/GBP Remains Offered

By Paul Spirgel  —  Feb 03 - 10:00 AM

GBP/USD backed away from its early-U.S.
session low at 1.3620, with the help of 30-day moving average support, caught in the confluence of Italian nL1N2K9120 and post-Brexit political currents nL8N2K94G1 as a BoE meeting loomed in the following session.

Overall, GBP/USD remains contained within its recent range between the 30-DMA by 1.3622 and its upper 30-day Bolli at 1.3767, just above to 2021 high at 1.3759.

In the past, heightened Brexit uncertainty has weighed heavily on the pound, but its ability to hold firm in the face of Northern Ireland grace period extensions and waivers issues shows how much has changed since the New Year.

Markets are more concerned about euro-specific issues such as the EU vaccine rollout and Italian politics.

With GBP/USD relatively stable, EUR/GBP trolling 2021 and multi-year lows hints GBP/USD is likely to hold near its recent peak as EUR longs unwind versus the pound and USD.

For more click on FXBUZ


GBP Chart: Click here

EUR/GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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