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Oct 05 - 11:55 AM

GBP/USD - COMMENT-Sterling Rides Rising Euro Tide As Risk Rebounds

By Paul Spirgel  —  Oct 05 - 10:05 AM

GBP/USD struck a two-week high of 1.299 in early U.S. trade on Monday nL1N2GW0IM as rallying risk markets -- on reports that U.S. President Donald Trump may be released from hospital -- offset worries about Brexit talks.

EUR/USD, which also hit a 2-week high, dragged sterling higher, allowing traders to ignore the standstill in EU-UK negotiations on key level playing field and fisheries issues, with both parties citing the other side's intransigence.

UK PM Boris Johnson said more work and realism was needed from the EU to bridge gaps nS8N2GT05M by Oct. 15.
GBP/USD traders are respecting resistance by 1.2984, the 23.6% Fib of the 1.3481-1.2676 September range though a test of big-figure resistance at 1.3000 and 30- and 55-day moving average resistance just above 1.3000 appears likely.

A break above the 55-DMA at 1.3013 could lead to a run at 1.3079, the 50% Fib, above which bulls would gain momentum for a test of the daily cloud top by 1.3158.
A failure to rise above the 30 and 55-DMA area would put Monday's European low at 1.2900 and 21-DMA by 1.2882 in focus.

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Source:
Refinitiv IFR Research/Market Commentary

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