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Jun 08 - 03:55 PM

GBP/USD - Bulls See Red By 1.2730, Ahead Of The Weekly Cloud Base

By Paul Spirgel  —  Jun 08 - 01:40 PM
  • GBP/USD ends NorAm +0.26% at 1.2700, NY range 1.2705-1.2636

  • Pair bid into fix as USD broadly weak, despite dearth of trade talk progress

  • Sterling bulls wary ahead of magnetic weekly cloud resistance nL1N2DL0UY

  • Weekly cloud base 1.2738 caps after 2 tries at 1.2730, then 100-WMA 1.2773

  • Bulls need good news on trade to build on run from May 18 low by 1.2075

  • Support 1.2629 Mon low, then former res 1.2557 100-DMA, 1.2484 10-DMA

  • EUR/GBP a tad soft -0.14% at 0.8891, Mon range 0.8927-0.8882; EUR bulls lighten ahead of Fed meet this wk

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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