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May 19 - 09:48 AM

GBP/USD - Respects Fibo Level After Rallying Off 7-Week Low

By Rob Howard  —  May 18 - 10:20 AM
  • Cable met headwind at 1.2209 after extending north from 1.2075

  • 1.2209 = 23.6% Fibo of 1.2644 (Apr 30 high) to 1.2075

  • 1.2075 was seven-week low in Asia, after dovish Haldane nL8N2D03GK

  • Rise to test 1.2209 influenced by U.S. equity gains nL4N2D03AP

  • Resistance levels beyond 1.2209 include 1.2248 (Apr 21 low) and 1.23

  • UK data aplenty this week, including flash PMIs Thursday nL1N2D00AR

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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