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Jun 22 - 04:55 AM

GBP/USD - 1.24 Flips To Resistance After Drop To 3-Week Low

By Rob Howard  —  Jun 22 - 02:40 AM
  • Cable ran into resistance just shy of 1.2403 after rising from 1.2337

  • See: nL1N2DZ05G. 1.2337 was three-week low in Asia (1.2329 was June 1 low)

  • 1.2403 was Thursday's low (after BoE upped its QE programme by GBP 100bln)

  • Bailey proposes change to BoE's QE reversal policy nS8N2DA01L

  • 1.2344 was Friday's low as GBP had its worst week since mid-May nL8N2DW1LL

  • IMM speculators got more bullish on GBP before cable sagged nL1N2DZ07Y

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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