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Aug 12 - 04:55 AM

GBP/USD Some Sterling Relief Despite UK Recession

By Peter Stoneham  —  Aug 12 - 02:35 AM
  • UK economic output collapses in Q2: economy enters recession nL8N2FE1EL

  • Recession brought on by the virus led to biggest quarterly fall on record

  • However, the bulk of the early data barrage was better than expected

  • Some improvement in June also helping to limit sterling damage

  • GBP/USD trades flat to small down on the day after Tues 1.3132 failure

  • Supports at 1.2982, Aug 4 low, and 1.2965, 23.6% Fibo off 1.2252-1.3185

  • Market lacks depth and initial support might stall if not hold a weak fall

GBP/USD daily candle chart: Click here

Refinitiv IFR Research/Market Commentary


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