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Jul 09 - 01:55 PM

GBP/USD - Bulls Charge Higher After China RRR Cut Stokes Risk Rally

By Paul Spirgel  —  Jul 09 - 01:24 PM
  • GBP/USD firm into NY close +0.54% at 1.3863; Friday's range 1.3875-1.3756

  • Pair lifted off Session lows after China RRR cut boosted glbl growth view

  • Sterling rallies w/risk, regains key 10-day avg after China cut nL2N2OL14I

  • Risk rallies, shrugs off dour COVID news; stox, commods, glbl yields rise

  • Close above 10-DMA at 1.3825, 21-DMA by 1.39 weakens bearish structure

  • Momentum shifts to bulls abv 1.3992, 50% Fib of 1.4250-1.3734 May-June dip

  • EUR/GBP slides 0.34% to 0.8558, Fri range 0.8597-56; EZ recovery seen lagging UK

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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