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Oct 05 - 08:55 AM

GBP/USD - Falls To Intra-Day Low As Truss Addresses Tories

By Rob Howard  —  Oct 05 - 06:50 AM
  • Cable hits 1.1363 (intra-day low) after extending south from 1.1432

  • 1.1432 was high following upward revision to UK service PMI nZRN00594K

  • Drop from 1.1432 influenced by rise in UST yields nL4N3161H7

  • 1.1380 was pre-UK service PMI low vs 1.1493 early London high nL1N3160IC

  • UK PM Truss pledges to steer Britain through 'stormy days' nL1N3160AY

  • 1.1333 (Monday's high) and 1.1300 (Tuesday's Ldn/NY low) are support levels

Source:
Refinitiv IFR Research/Market Commentary

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