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Oct 21 - 03:55 PM

GBP/USD - Bulls Fail Again Above 1.3830, Steadies Near Daily Cloud By 1.3785

By Paul Spirgel  —  Oct 21 - 01:35 PM
  • Sterling slips in NY aft, -0.24% at 1.3790; Thurs range 1.3834-1.3787

  • Soft CBI data weighs on GBP specifically, risk in retreat lifts haven USD

  • GBP$ offer above 1.3830 holds; bulls regroup by daily cloud top nL1N2RH1EF

  • Pair slips 3rd day in a row abv 1.3830, supt by thin daily cloud in 1.3780s

  • Failure to cls abv 1.3831, 50% Fib of 1.4250-1.3412 may soften bulls resolve

  • Close abv 1.3834's trend high puts GBP's upper 30-d Bolli at 1.3893 in view

  • Below the cloud more significant res at 1.3725's 55-DMA, 10-DMA at 1.3701

  • Futures 0#FSS: hint at Nov BoE hike, Rtrs poll eyes Q1 '22 nL1N2RH1EF

  • EUR/GBP +0.13% to 0.8436, Thurs range 0.8443-23; Fri's UK ret sales, PMIs in focus

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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