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Sep 23 - 03:55 PM

GBP/USD Bounces Off PMI-Related Lows Sub 1.27, Helped By EUR/GBP Selling

By Paul Spirgel  —  Sep 23 - 01:50 PM
  • GBP/USD a tad firm into NY close +0.09% at 1.2744; NorAm range 1.2776-14

  • Pair lifted off UK PMI-related nL5N2GK21P Europe low 1.2676

  • Brexit, talk of neg UK rates & COVID disruptions continue to weigh on GBP

  • UK economy adds to sterling's COVID, Brexit uncertainties nL2N2GK0UL

  • Bears in control below 1.2778 50% Fib of 1.2075-1.3481, daily cloud 1.2759

  • Bulls need a rise abv 10DMA by 1.2848, gain control abv the cloud (1.3004)

  • EUR/GBP ends NY -0.34% at 0.9160, Wed range 0.9217-0.9136; EZ PMIs underwhelmed as well

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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