Technical Talk: GBP/USD 08-10-2019

Intra-Day News and Views & data to be released today – GBP/USD
Our preference: short positions below 1.2315 with targets at 1.2265 & 1.2240 in extension.Alternative scenario: above 1.2315 look for further upside with 1.2335 & 1.2355 as targets.

Intra-Day Market Moving News and Views
Update Time: 08 Sept 2019 04:30GMT

GBP/USD – 1.2294… The British pound recovers in Asian trading after yesterday’s roller-coaster ride. Although cable edged up to 1.2336 in New Zealand, price met renewed selling and fell to an intra-day low of
1.2288 in European morning on Brexit news before rebounding to 1.2333 ahead of New York open but only to retreat in tandem with euro to 1.2290 near the New York close due to usd’s strength.

Despite euro’s corrective rise from last Tuesday’s 3-week trough at 1.2205 to as high as 1.2413 on Thursday, subsequent selloff to 1.2276 Friday suggests temporary top is in place and yesterday’s sideways swings would yield consolidation before prospect of another fall but below 1.2227 needed to bring re-test of 1.2205.Offers are tipped at 1.2305/10 with more above and stops above 1.2360 while bids are noted at 1.2265-60 with stops below 1.2230.

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