- Analytics
- News and Tools
- Market News
- GBP/USD to target September 2020 low at 1.2675 on a break below November 2020 low of 1.2855 – BBH
GBP/USD to target September 2020 low at 1.2675 on a break below November 2020 low of 1.2855 – BBH
GBP/USD is underperforming on weak economic data and tested the November 2020 low near 1.2855. Economists at BBH expect cable to extend its slide towards the September 2020 low near 1.2675.
UK reported weak March retail sales data
“Headline sales came in at -1.4% MoM vs. -0.3% expected and a revised -0.5% (was -0.3%) in February, while sales ex-auto fuel came in at -1.1% MoM vs. -0.4% expected and a revised -0.9% (was -0.7%) in February.
“Manufacturing came in at 55.3 vs. 54.0 expected and 55.2 in March, services came in at 58.3 vs. 60.0 expected and 62.6 in March, and the composite PMI came in at 57.6 vs. 58.7 expected and 60.9 in March.”
“It’s clear from today’s data that the economy was already slowing before we moved into Q2, which will bring even greater headwinds that include hikes in payroll taxes and the cap on household energy costs.”
“Cable continues to sink and traded today at a new low for this move near 1.2860, just above the November 2020 low near $1.2855. Further losses are likely and a break below that low would target the September 2020 low near 1.2675.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
