Free Trial

GBP further in retreat headed into the.....>

STERLING
STERLING: GBP further in retreat headed into the WMR fix, with GBP/USD reverting
back to the $1.22 level and now trades broadly inline with yesterday's open.
Persistent GBP weakness has followed the somewhat downbeat updates on the Brexit
timeline earlier today, with a bounceback in the USD also adding some weight.
- A break below the $1.22 handle opens $1.2162, the May 22 low as first support,
but bear trigger at $1.2076 remains untested, marking the May18 low.
- Despite the pull lower in spot over the past few hours, option market
sentiment remains somewhat optimistic, with front-end risk reversals contracts
hitting a new COVID-19 recovery high today.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.