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Jul 07 - 03:55 PM

GBP/USD - Boosted After PM Johnson Resigns, Risks Tipped To Downside

By Paul Spirgel  —  Jul 07 - 01:40 PM
  • GBP$ holds gains into NorAm close +0.7% at 1.2003; Thurs range 1.2024-1.1912

  • Johnson resignation initial catalyst for gain nL8N2YO1BH

  • Sterling bounce after BoJo exit may be transitory nL1N2YO1E5

  • GBP remains firm on hawkish BoE member Mann's comments nL8N2YO4UY

  • Res 1.2024 Thurs high, 1.2110 10-DMA, 1.2141 50% of 1.2405-1.1877

  • Close abv 50% Fib at 1.2141 shifts momentum to bulls

  • Support 1.1990 10-HMA, 1.1912 Thursday low, 1.1877 2022 low on Jul 6

  • EUR/GBP craters, -0.99% to 0.8455, Thursday range 0.8552-0.8455

  • Inflation, low growth, energy concerns & widening Fed-ECB rate spread weighs on EUR

Source:
Refinitiv IFR Research/Market Commentary

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