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May 06 - 06:55 AM

GBP/USD - Helped Off 23-Month Low By Profit-Take Flow Pre-NFP

By Rob Howard  —  May 06 - 05:30 AM
  • Cable ran into resistance just shy of 1.2360 after rallying off 1.2276

  • 1.2360 was July 2020 low. 1.2276 was 23-month low in early London trade

  • See: nL2N2WY0E1. Rally from 1.2276 aided by profit-taking on shorts

  • 1.2520 was Thursday's Ldn am low -- before GBP slumped on BoE guidance

  • See: nL2N2WX0QG. GBP/USD was above 1.30 a fortnight ago (April 22)

  • U.S. employment data due at 1230 GMT; April NFP f/c 391k nL2N2WX261

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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