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Nov 07 - 08:36 PM
GBP/USD - Key Support Held - Close Pivotal For Next Week
First appeared on eFXplus on Nov 07 - 06:25 PM
  • Flat after closing off 0.3%, surprise 7-2 BOE vote to hold nL8N27N6EX

  • Combination of soft global outlook and Brexit impact weighs on sentiment

  • Both Conservatives and Labour promise huge public spending nL8N27N2C3

  • 1.2790 range base held, but remains under pressure after a modest bounce

  • Negative momentum studies - 5, 10 & 21 DMAs coil - no significant bias

  • Close below 1.2790 bearish for next week - targets 1.2700, 38.2% Oct rise

  • NY 1.2794 low and 1.2878 London high, initial support/resistance

gbp nov 8 Click here

Source:
Refinitiv IFR Research/Market Commentary

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