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Jun 02 - 03:48 AM

GBP/USD - Respects Fibo Level After Vaulting Asia High

By Rob Howard  —  Jun 01 - 04:50 AM
  • Cable met headwind at 1.2425 after vaulting 1.2414 (Asian session high)

  • 1.2425 is two pips shy of a 61.8% Fibo resistance level nL1N2DE09F

  • Ascent to 1.2425 (three-week high) influenced by global equity gains

  • See: nL8N2DE1FSnL4N2DE22L. GBP often benefits when stocks rise

  • Retreat from 1.2425 based four pips shy of 1.2385 (early Ldn low)

  • UK May final manufacturing PMI 40.7 vs 40.6 flash estimate nZRN000H04

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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