FXstreet.com (Barcelona) - The GBP/USD went as high as 1.5738 on Thursday. The pair then dropped across the board, more than 100 pips, to current low at 1.5620 as the risk-off plunge goes on.
Euro skepticism is taking down the British Pound by correlation as the greenback strengthens and the Spanish government debt secondary market is watching its yields rallying to increasingly unsustainable levels. The 10-year yield reached the record high of 7.309%.
“GBP/USD is still deemed to be within the midst of a larger corrective phase that started at 1.5269”, wrote MIG Bank analyst Bijoy Kar. “With this in mind we see scope for a further rise to re-test the 1.5793 region, above which a lower high would be favoured to form”.
Euro skepticism is taking down the British Pound by correlation as the greenback strengthens and the Spanish government debt secondary market is watching its yields rallying to increasingly unsustainable levels. The 10-year yield reached the record high of 7.309%.
“GBP/USD is still deemed to be within the midst of a larger corrective phase that started at 1.5269”, wrote MIG Bank analyst Bijoy Kar. “With this in mind we see scope for a further rise to re-test the 1.5793 region, above which a lower high would be favoured to form”.
