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Jul 08 - 01:55 PM

GBP/USD - Slides Despite USD Weakness As Delta Case Rise Dents Growth View

By Paul Spirgel  —  Jul 08 - 01:30 PM
  • GBP/USD ends NorAm -0.2% at 1.3775, NorAm Range 1.3797-42

  • Pair bounced off early NorAm low 1.3742 on broad USD weakness, lags EUR, JPY

  • GBP longs exit on rising Delta COVID cases, fears of lockdowns, low growth

  • Dollar slide no comfort to Delta-stricken sterling nL2N2OK1AJ

  • Supt ahead of Jul 2 low 1.3734, then Mar/Apr lows by 1.3670, 200-DMA 1.3666

  • Res 1.3801 Thurs high, 1.3824 10-DMA which has capped since mid-June

  • Bulls need a move into the daily cloud (1.3960-1.4096) to gain momentum

  • EUR/GBP +0.59% to 0.8592; Thurs range 0.8618-0.8552; 10-WMA at 0.8604 holds

  • Close on Friday above 10-WMA sees bulls target 30-WMA res at 0.8705

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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