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Oct 24 - 11:55 PM

GBP/USD - Sustains Thursday's Bounce - Budget Leads UK News

By Andrew M Spencer  —  Oct 24 - 11:15 PM
  • Off 0.1% in a very tight quiet 1.2967-1.2974 range on LSEG FX Matching

  • Asia quiet amid the weekend Japanese, and upcoming US election uncertainty

  • Consumers are nervous ahead of next week's UK budget and potential tax hikes

  • UK Fin Min Reeves to change the debt definition at the October 30th budget

  • Without UK data or BoE events - US durable goods and consumer sentiment lead

  • Charts - mixed daily momentum studies as 21-day Bollinger bands contract

  • 5, 10 & 21-day moving averages fall - signals retain the downside bias

  • 1.2900 0.382% Oct-Sep rise held, the 1.2736 0.5% is the next support

  • Wednesday's 1.2995 high then this week's 1.3058 top are the first resistance

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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