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May 23 - 01:55 AM

GBP/USD - PMIs Lead Event Risk, Charts Favour A Move Lower

By Andrew M Spencer  —  May 22 - 11:35 PM
  • -0.05% at the base of a tight 1.2430-1.2445 range with occasional glow on D3

  • UK PMIs provide event risk in London - manufacturing poll 48, services 54.6

  • U.S. PMIs, amid ongoing U.S. debt talks - potentially a volatile session

  • Charts; Sterling is stalled after a second inside day on Monday

  • Neutral momentum studies, 5, 10 & 21-day moving averages head lower

  • 21-day Bollinger bands expand - negative setup, but progress needed soon

  • Targets a test of 1.2345, 38.2% of the 2023 rise, with 1.2242 50% below

  • London 1.2414 low and NY 1.2471 high, are initial support and resistance

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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