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Late Equity Roundup: Mildly Lower on Week


Remains Above The 50-Day EMA

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CABLE: Rate inching lower still to touch the lowest levels since last Thursday.
Low print in GBP/USD now at $1.2322, making the $1.23 handle and the Thursday
low at $1.2266 the immediate levels of support. The 50-dma clearly remains an
anchor for prices at present, with spot trading either side of the level (today
at $1.2383) for six consecutive sessions now. Today's price action shows
downside may still be favoured against both the USD and EUR. Options markets
exhibit a similar view, with skew bias weighed well toward GBP puts across both
- Short-end implied vols remain well below recent levels for GBP, with 1m
measure between 9-10 points vs. the Corona-crisis high of 26 points.
- Of note, UK PM Johnson speaks later today to talk through more details of the
easing of restrictions surrounding UK lockdown measures. He makes a statement to
the Commons at 1530BST/1030ET.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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