The ‘Barnier Buy’ is still going

The 61.8 fib of the 26 July drop is now broken at 1.3002 but we have an interesting area into 1.3050/60. The next fib is the bigger April drop but that’s still way higher at 1.3317.

GBPUSD daily chart

GBPUSD daily chart

The 1.30 level is currently trying to build support and if it does, then we’ll be on for a run higher. If it fails then we’ll head back lower and this rally will show how strong its foundations are. Right now, there’s some support at 1.2980 and 60 but a break there will put us right back to square one for this rally. Tie cable up also with EURGBP holding below 0.9000.

Another warning, be ready for a UK response to Barnier’s comments and/or some further clarification from him in the hours ahead.

Ryan Littlestone

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