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Nov 03 - 11:55 PM

GBP/USD - Recovers Friday's Loss With The USD Under Pressure

By Andrew M Spencer  —  Nov 03 - 10:15 PM
  • Trades 0.5% higher with the USD down 0.55% - hectic early on FX Matching

  • The USD was sold at the open and then extended into the European open

  • USD selling may be trimming Trump election bets - polls too close to call

  • There is no UK data today or BoE events, so risk and the USD lead GBP

  • Charts - neutral daily momentum studies, 21-day Bollinger bands slip

  • 5, 10 & 21-day moving averages fall - signals show a bearish trending bias

  • Thursday's 1.2844 low, then the 1.2665 Aug base are initial supports

  • The 1.2999 top on Thursday and last week's 1.3043 high are first resistance

  • 1.2945/50 519mln and 1.2970/80 793 mln close strikes for Nov 4th

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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