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May 28 - 09:55 PM

GBP/USD - 1.2800 Was Short-Lived, But The Bias Remains Up

By Andrew M Spencer  —  May 28 - 08:20 PM
  • -0.05` after closing off 0.1% with the U.S. dollar up 0.05%

  • Sterling jumped to 1.2801 in London after strong retail sales

  • Then fell back as the USD climbed with rising Treasury yields

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

  • Charts; neutral daily momentum studies - 5, 10 & 21 DMAs climb

  • 21-day Bollinger bands move higher - a strong positive trending setup

  • Tuesday's 1.2801 top and the 1.2893 2024 high are the major resistances

  • Close below the 1.2723 10-day moving average would be a warning to longs

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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