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Mar 21 - 03:55 PM

GBP/USD - Downside Has Fuel To Accelerate Through 1.26

By Justin Mcqueen  —  Mar 21 - 01:35 PM
  • GBP/USD -0.9%, largest intra-day fall YTD thus far

  • Meanwhile, EUR/GBP tests Feb/Mar highs at 0.8576-78 nL2N3FZ177

  • As noted previously, positioning is a problem for sterling

  • Building of longs have largely occurred when GBP ranged from 1.26-1.28

  • 1.2595-1.2600 (200DMA) break can accelerate downside as longs liquidate

  • Through 1.26 would open door to the 2024 lows at 1.2515-1.2540

  • COMMENT-Dovish BoE raises the probability of a June cut nL2N3FZ1IH

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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