GBPUSD 1.2050 Target Achieved, New Pattern Emerging
Technical & Trade View
GBPUSD Bias: Bullish Above Bearish below 1.1950
1.2050 Target Achieved, New Pattern Emerging
Technicals
Primary support is 1.1950
Primary upside objective 1.22
Next pattern confirmation, acceptance above 1.21
Failure below 1.19 opens a test of 1.1770
20 Day VWAP bullish, 5 Day VWAP bullish
Today’s New York Cut Option Expiries: 1.1840 (236M), 1.1865-70 (300M)
Institutional Insights
Analysts at Credit Agricole note 'The GBP could remain an attractive stagflation and risk aversion hedge for now. Soaring energy costs, labour market shortages, global supply chain disruptions and persistent Brexit-related headwinds continue to plague the UK economic recovery and thus complicate the BoE’s ability to normalise in the face of uncomfortably high inflation. This could keep UK real rates and yields negative and weigh on the GBP for now. In addition, the war in Ukraine as well as idiosyncratic risks related to Brexit could make the UK’s economic recovery less robust as well. In the longer term, recovering UK real rates and yields could usher in a cautious recovery for the GBP in H223'
GBPUSD Bias: Bullish Above Bearish below 1.1950
1.2050 Target Achieved, New Pattern Emerging
Technicals
Primary support is 1.1950
Primary upside objective 1.22
Next pattern confirmation, acceptance above 1.21
Failure below 1.19 opens a test of 1.1770
20 Day VWAP bullish, 5 Day VWAP bullish
Today’s New York Cut Option Expiries: 1.1840 (236M), 1.1865-70 (300M)
Institutional Insights
Analysts at Credit Agricole note 'The GBP could remain an attractive stagflation and risk aversion hedge for now. Soaring energy costs, labour market shortages, global supply chain disruptions and persistent Brexit-related headwinds continue to plague the UK economic recovery and thus complicate the BoE’s ability to normalise in the face of uncomfortably high inflation. This could keep UK real rates and yields negative and weigh on the GBP for now. In addition, the war in Ukraine as well as idiosyncratic risks related to Brexit could make the UK’s economic recovery less robust as well. In the longer term, recovering UK real rates and yields could usher in a cautious recovery for the GBP in H223'
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