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Sep 11 - 04:55 PM

GBP/USD - CORRECTED-BUZZ-Sterling Hits New 7-Week Low, Bears Eye 200-DMA, Cloud Base Supports

By Paul Spirgel  —  Sep 11 - 02:50 PM

Corrects third bullet to 200-DMA

  • GBP/USD ending NY -0.09% at 1.2790, weekly range 1.3270-1.2763

  • Pair remains under pressure after falling from Sep 1 high 1.3481

  • Support now at 1.2737 the 200-DMA and 1.2710 the daily cloud base

  • Below daily cloud Jul/Jun dbl bottoms by 1.2520/1.2250 attracts

  • Res 1.2866, Friday's high; 1.2912 daily cloud top

  • Bulls need to regain 1.3122, the 50% Fib of 1.3481-1.2763 to hold sway

  • Brexit remains key, Short-sterling prices growing odds of neg rates

  • Rising no-deal expectations diminish growth, investment & inflation view

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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