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GBP/USD Extends Fade Through European Hours

GBP
  • GBP's fade through European hours continues, with GBP/USD hitting a new intraday pullback low at 1.2041. Real support undercuts at 1.2011, yesterday's low. Similarly, EUR/GBP is extending the recovery off yesterday's low to around 85 pips.
  • Of note, the KBand strategy (short on break and close above upper KBand, long on break and close below lower KBand) - one of the most profitable technical trading strategies for GBP/USD over the past 12 months - switched to a 'cover and go short' recommendation as of the Tuesday close after spot closed above the upper KBand at 1.2124.

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