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Apr 07 - 03:55 PM

GBP/USD - Slides Toward Cloud Base Support By 1.3715, Eyes Trend Low 1.3671

By Paul Spirgel  —  Apr 07 - 02:14 PM
  • GBP/USD soft into NY close -0.6% at 1.3741; NorAm range 1.3828-1.3728

  • Bears wary of daily cloud base support by 1.3715, for now

  • Fed mins stick to low rate narrative, not ready to taper nW1N2L301E

  • Pair dominated by broad GBP selling versus the euro and JPY

  • Recent EUR, JPY spec sales reverse as relative growth, COVID views converge

  • GBP bears gain momentum; sub-1.3670, Fib & trend low gives bears control

  • EUR/GBP +0.7% at 0.8647, Wed range 0.8662-0.8582; EZ COVID, growth recovery tones stirs EUR buying

Source:
Refinitiv IFR Research/Market Commentary

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