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Mar 26 - 08:55 PM

GBP/USD - Steady After A Topside Failure, Signals Remain Bearish

By Andrew M Spencer  —  Mar 26 - 07:35 PM
  • Steady after reversing off 1.2668 to close down -0.05% led by the USD

  • BoE policymaker Catherine Mann said the market is 'pricing in too many cuts'

  • Market pricing is doing the BoE's job - no pressure to cut the Bank Rate

  • UK grocery price inflation slowed to 4.5% in the four weeks to March 17

  • Charts; 5, 10 & 21-day moving averages fall with daily momentum studies

  • 21-day Bollinger bands expand - daily charts show a strong bearish setup

  • Negative signals target a break of 1.2569, 38.2% of the Oct/March rise

  • A close below 1.2569 would open the door to a test of the 1.2517 2024 low

  • The sustained break of Friday's 1.2677 high would suggest a base in place

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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