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Mar 25 - 03:55 PM

GBP/USD Buoyed By EUR/GBP Sales As EZ COVID Fears Send EUR To New 2021 Low

By Paul Spirgel  —  Mar 25 - 01:37 PM
  • GBP/USD rallies 0.37% to 1.3730; Thursday range 1.3741-1.3671

  • Pair bounces off early Europe low 1.3671 on ramped up EZ COVID cases

  • GBP's drift lower may hasten as long EUR position normalizesnL1N2LN1PP

  • Support at 1.3688, 50% Fib of 1.3135-1.4240 rise by 1.2688 holds, again

  • Below 1.3688 bears gain control, eyes dly cloud base 1.3561, 200DMA 1.3254

  • EUR/GBP soft into NY close -0.68% at 0.8570; Thurs range 0.8641-0.8566

  • Cross selling supporting GBP for now as EUR dips to new 2021 low by 1.1762

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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