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Sep 23 - 09:55 AM

GBP/USD: 1.27 Is Pivotal Make Or Break Level - Citi

By eFXdata  —  Sep 23 - 08:37 AM

Citi discusses GBP/USD technical outlook and highlights the importance of the 1.27 level for directional bias in the near-term.

"GBP cracked in yesterday’s NY session, and has since tested both the 100d and 200d MAs in spot which lie at 1.2724 -26. CitiFX Technicals calls this level “pivotal”, noting this is the same area of support that initially held in February this year before a strong bounce to 1.3200," Citi notes. 

"A close below this range, if seen, would open up the way for further losses towards supports at 1.2480; 1.2252 and possibly 1.2076...Not helping were headlines on stricter than expected social distancing measures announced yesterday," Citi adds. 

Source:
Citi Research/Market Commentary

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