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GBP/USD Fades, Nears Key Support

  • GBP/USD retreats to new daily lows headed into the NY crossover, erasing the entirety of the ~40 pip run higher across Asia-Pac hours. The greenback has regathered as the US 10y yield finds a base and inches back above 4.20%.
  • News and data flow has been few and far between so far Tuesday, and with only JOLTs and US Consumer Confidence to distract (Fed's Barr speaks, but on banking services), market focus may turn to potential USD demand from corporates across US hours later today, with Tuesday marking value-date month-end.
  • Price action keeps GBP/USD within range of key support and the bear trigger at Friday's 1.2548 low. A break and close below here would resume the downtrend off the July high, opening 1.2505, the 76.4% retracement for the Jun-July upleg.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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