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Jul 30 - 05:55 AM

GBP/USD - Eyes Five-Week High After Rally From Intra-Day Low

By Rob Howard  —  Jul 30 - 04:36 AM
  • Cable threatens 1.3982 (Thurday's five-week high) after rallying from 1.3935

  • 1.3935 was early London low, courtesy of a decline in risk appetite

  • See: nL1N2P60ET. Offers expected pre-1.40 if GBP/USD extends north

  • 1.3991 = 61.8% Fibo of 1.4250 (June 1 high) to 1.3573 (July 20 low)

  • Recently instigated GBP shorts have been squeezed during climb from 1.3573

  • IMM specs flipped to first net GBP short since Dec in week ended July 20

  • See: nL1N2P20AZ. CFTC data for the week ended July 27 is due at 1930GMT

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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