The British Pound is losing 1.15% on Tuesday, slipping to an eight-month low at 1.3540, as supply chain chaos had a more substantial impact on the currency now than the hawkish comments from the Bank of England last week.
Particularly worrying is that the Pound’s downward movement could be backed up by technical factors, which would increase sellers’ pressure. GBPUSD has fallen below a significant support level near 1.3700, where buying has intensified this year. A wave of stop orders on the way out of the established ranges creates a potential for a deeper correction to 1.3440 and further to 1.3000.
The EUR/GBP pair has also come alive today, adding 1.05% since the start of the day. This is the pair’s third-biggest one-day gain this year. The Euro to Pound is predominantly trading in a wide range, and the latest move cements a reversal from the lows in the 0.8500 area, potentially opening a fast track to 0.9100.
The FxPro Analyst Team
- Adobe reversed from support zone - Likely to rise to resistance level 500.00 Adobe…
- EURJPY reversed from support zone - Likely to rise to resistance level 0.8625 EURGBP…
USDJPY was slipping below 153 on Friday morning, a three-week low and having lost over…
Market picture Crypto market capitalisation rose 3.3% in 24 hours to $2.22 trillion. Local capitalisation…
- EURJPY under strong bearish pressure - Likely to fall to support level 163.10 EURJPY…
- WTI broke round support level 80.00 - Likely to fall to support level 76.00…
This website uses cookies