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22 Feb 2016
GBP/USD drops to fresh daily lows
European desks offered Sterling, pushing the GBP/USD pair to a fresh daily low of 1.4206 on increased odds of Brexit.
FTSE futures still positive
Disconnect between Sterling and FTSE is still intact. Brexit fears heightened after London’s Mayor joined the ‘leave group’ and shall now urge Britons to vote in favor of Brexit. That seems to have rattled currency markets, however, the FTSE futures are still pointing to a positive open.
The spot remains at the mercy of the Brexit related news flow. It remains to be seen if the Sterling remains weak despite positive action in the equity futures.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4243 (Asian session low), above which the spot could target 1.4277 (hourly 50-MA). On the other hand, a breakdown of immediate support at 1.42 would open doors for a slide to 1.4149 (Jan 29 low).
FTSE futures still positive
Disconnect between Sterling and FTSE is still intact. Brexit fears heightened after London’s Mayor joined the ‘leave group’ and shall now urge Britons to vote in favor of Brexit. That seems to have rattled currency markets, however, the FTSE futures are still pointing to a positive open.
The spot remains at the mercy of the Brexit related news flow. It remains to be seen if the Sterling remains weak despite positive action in the equity futures.
GBP/USD Technical Levels
The immediate resistance is seen at 1.4243 (Asian session low), above which the spot could target 1.4277 (hourly 50-MA). On the other hand, a breakdown of immediate support at 1.42 would open doors for a slide to 1.4149 (Jan 29 low).