OctaFX | OctaFX Forex Broker
Sign in
Open account
Back

GBP/USD: Growing risks of a deeper corrective phase - JPMorgan

FXStreet (Bali) - Niall O'Connor, FX Strategist at JP Morgan, notes that there are growing risks that a deeper corrective phase in GBP/USD can develop given the recent pullback.

Key Quotes

"While most USD pairs are in line with the short term view for some pause, the recent pullback in GBP/USD suggests a growing risk that a deeper corrective phase can develop consistent with the developing bullish view for the USD. Sustained breaks of the 1.6694/64 support zone will be key as this area includes the May low and the 200-day moving average. Violations would put the focus on the next important target zone near the 1.6467 March low."

Geopolitical tensions not as elevated

Geopolitical tensions have notably eased and are not as elevated at present, which helped U.S. stocks that were up with the Standard & Poor’s 500 Index largest weekly gain on July.
Read more Previous

Session recap – Dollar advances on a good day for the US

Geopolitical tensions are not as elevated at present and this was supportive to the USD and US stocks.
Read more Next
Start livechat