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Oct 24 - 09:48 AM
GBP: Buyers Await A Correction Towards 1.2720 In GBP/USD & 0.8800 In EUR/GBP To Reload - Credit Suisse
First appeared on eFXplus on Oct 24 - 08:19 AM

Credit Suisse discusses GBP tactical outlook in light of the latest Brexit deal developments.

"Unlike one month ago, a no-deal outcome this month is already highly unlikely. And with the Conservatives riding high in the polls and PM Johnson having made his point both by agreeing a new deal with the EU, he can legitimately claim to be able to offer the public a way out of perma-Brexit uncertainty," CS notes.

"Our base case is that GBP dips will likely be relatively shallow. We would anticipate GBPUSD retracements towards the 200-dma around 1.2720 to find buyers.

Similarly, EURGBP is likely to see committed sellers on any correction towards 0.8800, with many still hoping for a test of 2019 lows near 0.8470 to ensue," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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