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Cable Climb Narrows Gap With Sizeable Option Strike

GBP
  • GBP/USD spot improving further in recent trade, keeping GBP among the strongest performing currencies in G10 Thursday. A positive close for GBP/USD today would be first in seven sessions -and has allowed the technically oversold condition to abate slightly.
  • Spot has narrowed the gap with the most notable option strike for the pair - which may have helped aide the move higher - £1.8bln rolling off at 1.2195-00 today.
  • Nonetheless, there are few signs of a broader reversal just yet, with GBP/USD still below the weekly high at 1.2265 as well as the more notable resistance levels of 1.2354 - marking the 23.6% retracement for the July-September downleg.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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