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Feb 06 - 08:55 AM

GBP/USD - History Shows Weaker GBP/USD Path Post Long-Term MA Breakdown

By Justin Mcqueen  —  Feb 06 - 06:45 AM
  • Monday saw GBP/USD close below its 200DMA for the first time since Sept

  • History shows this does not bode well for Cable (23 occasions since 2000)

  • Avg/Median 30d return = -0.48/-1.05% with GBP up 30% of the time

  • In Sept, the 30d return in Cable was -2.2%

  • Elevated net-long positioning/bearish seasonals favour lower sterling

  • 200DMA now marks resistance at 1.2562 and 1.26 (prior range low)

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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