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May 29 - 05:00 AM

GBP/USD - Don't Get Too Comfortable In The 1.22S

By Peter Stoneham  —  May 28 - 04:50 AM
  • Decent recovery late Wednesday from lows just above 1.2200

  • However, the pound back on the defensive early Thursday

  • Technically, weekly bull bias highlights GBP resilience

  • Fundamentally a significantly different backdrop nL1N2DA0FB

  • Messy virus lockdown, Brexit deal friction and prospect of negative rates

  • Mkt over short GBP but traders should not get too comfortable in the 1.22s

  • EUR/GBP easier Thursday but still has a 0.90+ look about it near-term





GBP/USD hourly candle chart: Click here

GBP/USD daily Ichimoku chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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