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Sep 08 - 04:55 AM

GBP/USD - 1.2510 Offers Curtail Rally From 13-Week Low

By Rob Howard  —  Sep 08 - 03:05 AM
  • Cable meets headwind at 1.2510 after pushing recovery envelope from 1.2445

  • 1.2445 was 13-week low Thursday (after below-forecast US jobless claims)

  • Offers at 1.2510 also capped rally from 1.2484 (post-ISM beat low Wednesday)

  • Resistance levels beyond 1.2510 include 1.2529 (Tuesday low) and 1.2542

  • 1.2542 was Wednesday low before Bailey said BoE 'much nearer' to peak rates

  • Thursday low was 19 pips shy of 200DMA (GBP/USD above it since early March)

Source:
Refinitiv IFR Research/Market Commentary

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