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Nov 21 - 03:55 AM

GBP/USD - Respects 76.4% Fibo Support As Dollar Strengthens

By Rob Howard  —  Nov 21 - 02:50 AM
  • Cable elicited support pre-1.1800 as dollar caught bid into 0700 GMT

  • See: nL4N32H1BB. 1.1808 = intra-day low, 76.4% Fibo of 1.1765-1.1950

  • 1.1765 was Thursday's low (after hawkish Bullard). 1.1950 was Friday's high

  • Drop towards 1.1800 influenced by China COVID flare-ups (USD is safe-haven)

  • USD 'true' peak still a couple of quarters away - Goldman nL1N32E1IU

  • UK eurosceptics warn British government against Swiss-style ties with EU

Source:
Refinitiv IFR Research/Market Commentary

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