The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
GBP/USD eyes 50-day SMA
Another dive yesterday keeps this downtrend ticking along for the pair, although clearly there will be some hesitancy around the Fed meeting today. Short-term support is possible around yesterday’s lows of $1.2945, but a break below here opens the way to $1.2880 and then $1.2790.
Any bounce needs to clear the 50-day simple moving average (SMA) at $1.3159 to indicate that a turnaround is in progress.