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Jun 08 - 06:55 AM

GBP/USD - 200DMA Flips From Resistance To Support Level

By Rob Howard  —  Jun 08 - 05:10 AM
  • Cable has elicited support around 1.2681 through the London morning-to-date

  • 1.2681 is 200DMA -- which GBP/USD vaulted for first time in 12 weeks Friday

  • Stops above the 200DMA were tripped en route to Friday's high of 1.2730

  • 1.2730 = 12-week peak, which was threatened in Asia nL1N2DL09M

  • More bids expected around 1.2648 (April's high, which 200DMA helped define)

  • IMM specs upped net GBP short position from April 21-June 2 nL1N2DL096

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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