March 14, 2023 16:03 GMT
GBP/USD Finds Support Ahead of Fib Retracement
- Amid pretty thin trade among G10 FX, GBP/USD quietly prints a fresh daily low at 1.2136 ahead of the London close.
- The modest pullback in prices has found some support at 1.2134, the 23.6% retracement for the Friday - Tuesday range. Slippage through here opens 1.2091 on an intraday basis and puts spot within range of the more sizeable option expiries set to roll-off at tomorrow's NY cut: $1.2090 (Gbp405mln), $1.2030(Gbp326mln).
- Any more protracted weakness sees prices more notably within range of $1.1895-00 strikes - at which Gbp1.0bln notional is set to roll off.