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GBP/USD bearish, remains under pressure – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the persistent bearish note surrounding Cable.

Key Quotes

GBP/USD saw a minor recovery yesterday but this had no impact on the otherwise very bearish chart, the market remains under pressure following the recent break down from its triangle”.

“This is bearish price action and given the prior sell off the risks are on the downside for the next few weeks and the downside measured target from this triangle is 1.2415”.

“Initial support is 1.2944, the 78.6% retracement, and the 1.2797/50 July low and Fibo. If we are correct than we should see rallies remain capped circa 1.3225 and key resistance is now the top of the triangle at 1.3403. Intraday rallies are indicated to terminate circa 1.3100”.

UK: RICS data sees some reversal in post-Brexit concerns - MUFG

Derek Halpenny, European Head of GMR at MUFG, notes that the pound remains broadly stable but given the general weakness of the US dollar, the GBP/USD
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Iraq, oil cos agree to restart investment, boost output - RTRS

Reuters quoting comments from Iraqi oil officials that Iraq has reached agreement with BP, Shell and Lukoil to restart stalled investment in oil field
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