GBP USD back to the low
10/12/2016 10:11:52 AM
The withdrawal in the GBP/USD pair from above 1.2300 handle speed up post-European open, eliminating the rate back towards 1.2200 handle.
The selling pressure behind the GBP increases in the European session, provoking renewed sell-off in GBP/USD as the GBP traders weigh the latest reports of UK PM May’s parliamentary vote acceptance on Brexit plans and its actual implications. The major is seen last exchanging hands at 1.2235 levels, now recording a +0.92% gain on the day.
While negative European equities joined with recent strength in the USD against its major rivals, more cooperates to the latest leg lower in the cable. Looking ahead, all eyes stays on the Brexit-related news flow ahead of the FOMC minutes due later in the NA session.
The pair finds immediate persistence placed at 1.2350, 1.2400 and 1.2485. While supports are aligned at 1.2195 and 1.2106 and below that at 1.2087.