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TDUX
Jul 07 - 01:55 AM

GBP/USD - Tests Strong Resistance As Sterling Outperforms Peers

By Krishna Kumar  —  Jul 06 - 11:37 PM

• GBP/USD stays supported in Asia after closing 0.3% higher on Monday

• Holds overnight gains as dollar sags on waning Fed rate hike expectations

• Buoyed by strength vs peers; EUR/GBP languishes at a 1-year low

• GBP/JPY hovers near 18-year highs after hitting highest since the GFC

• Traders await likely PM Andy Burnham's finance minister pick

• Polymarket gives Ed Miliband a 55% chance of becoming finance minister

• Could weigh on GBP given his preference for more expansive fiscal policy

• Strong resistance at 1.3400-10, 50% of May-June drop and a cluster of MAs

• Support 1.3330-40; Monday range 1.3329-1/3397, Asia 1.3389-1.3400
GBP:


(Krishna Kumar is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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