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Forex Flash: Fuel for a run of stops on EUR/USD, GBP/USD long - Societe Generale

As Sebastien Galy, currency strategist at Societe Generale, notes on his weekly opening remarks, "the combination of a UK downgrade and a uncertain Italian elections are the fuel for a run of stop losses on long GBPUSD and EURUSD at the opening of the markets in Asia." The fall in GBP, is leading, according to Sebastien, "to a rush for gamma as presumably barriers are taken out" he says. He points out at how GBPUSD had a clean break out of its 2-year range.

Forex: EUR/USD closes quiet; Pound collapses on UK's downgrade

Guess which currency with trade a gap on Monday's Asian opening? When market was wrapping up Friday's session, Moody's published its decision to remove the Britain AAA status and cut both Government and BoE ratings by one notch to Aa1 from Aaa. GBP/USD collapsed around 100 pips in minutes, just ahead Friday's close.
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Forex: GBP/USD, sellers salivating after 2010/2013 range breakout

Following Friday's news that Moody's had downgraded the UK rating to Aa1 from AAA late Ny session last Friday, the GBP/USD is facing severe selling pressure at the Asian open, down at 1.5073 from 1.5160 last close. It is worth noting the clean breakout of a weekly range held since 2010, suggesting that further downside is on the cards.
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