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Feb 02 - 05:00 PM

GBP/USD - Lower As UK Prioritize Sovereignty Over Trade

By Andrew M Spencer  —  Feb 02 - 04:00 PM
  • Trades 0.25% lower at 1.3175, having touched 13155 in early trading

  • Weekend news spooked, as UK prioritise sovereignty over trade nL8N2A207Y

  • UK is open to a looser Australian style trade deal with EU nL8N2A10RW

  • This is consistent with recent Johnson comments, disappointing UK industry

  • Alignment with EU rules a cornerstone for EU, hard Brexit a real possibility

  • Charts - momentum studies, 5, 10 & 21 DMAs edge higher - positive setup

  • 1.3194 rising upper 21 day Bolli band suggests buying dips not breaks

  • Asian 1.3156 low and NY 1.3210 high initial support-resistance

gbp feb 3 Click here

Source:
Refinitiv IFR Research/Market Commentary

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