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Aug 08 - 03:55 PM

GBP/USD - Runs Into Offers Pre-10DMA At 1.2143; Support In Low 1.20'S In View

By Paul Spirgel  —  Aug 08 - 01:40 PM
  • GBP$ early NY gain pared +0.1% at 1.2083 into close; Mon range 1.2138-1.2050

  • USD gains after Fri's NFP beats dialed back ahead of Wed's US inflation data

  • US inflation the last best hope for sterling bulls nL1N2ZK0Z3

  • GBP$ bid fades pre-10-DMA res at 1.2143, next res at daily cloud base 1.2225

  • Support at 30-DMA 1.2047, a touch below Mon low, then key Fib at 1.2026

  • Failure to close below 50% Fib at 1.2026 bullish, for now

  • Sub-1.2026 opens way for test of Fri's 1.2004 low, Jul 25-26 lows by 1.1960

  • EUR/GBP +0.14% at 0.8443, Mon range 0.8445-11; ECB seen more aggressive than BoE in near-term

Source:
Refinitiv IFR Research/Market Commentary

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