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Nov 25 - 04:55 AM

GBP/USD - Imposing GBP/EUR Resistance Should Hold And Cable Break

By Jeremy Boulton  —  Nov 25 - 03:34 AM
  • GBP/EUR is nearing massive resistance that's unlikely to break

  • Nov high is 1.1929, 1.20-1.21 area capping cross since the 2016 referendum

  • It's a no-brainer for non-spec traders to hedge for a weaker pound

  • 100-MMA which has capped several other rallies since 2016 is 1.1944

  • EUR/USD looks set to fall further so GBP/USD will take strain nL1N2SD0M3

  • Speculation regarding rate hikes that will harm UK is behind GBP demand

  • Similar thinking set GBP/USD up to fall in Sep and Oct

  • Beware GBP/USD breaking 100-WMA at 1.3291 and weekly cloud base 1.3251




GBPUSD weekly Click here

GBPEUR Click here

Source:
Refinitiv IFR Research/Market Commentary

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