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GBP Retains Soggy Feel

GBP
MNI (London)
  • Met support at the Dec14 low of $1.3265 on the initial break under $1.3300, with recovery efforts capped below $1.3300.
  • However, bearish tone remains, EUR/GBP now moving outside the top of its 1.0% 10-dma envelope (current Gbp0.9174) which adds to the pressure on GBP, with GBP/USD easing back to $1.3275. Support remains at $1.3265 ahead of $1.3250.
  • No good news for GBP as Brexit trade negotiations make no progress and UK borders close due to the spread of a more virulent strain of COVID-19.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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