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Jun 14 - 11:55 PM

GBP/USD - Bid With Risk, But The Outlook Remains Negative

By Andrew M Spencer  —  Jun 14 - 10:40 PM

  • Up 0.3%, as the USD eases, with E-mini S&P +0.6%, 10yr UST -5bp 3.427%

  • Profit taking in U.S. markets into what is expected to be a hawkish FOMC

  • Sterling to remain heavy, unless the Fed disappoints nL1N2Y200S

  • Charts - momentum studies, 5, 10 & 21 daily and weekly moving averages fall

  • Momentum studies track south - strong bearish trending setup

  • 1.2088 lower 21 day Bollinger band suggests sterling oversold short term

  • NY 1.1934 base then nothing until the 1.1413 2020 spike lower

  • 1.2194 falling 5 DMA then early London 1.2210 high resistance

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gbp 2 jun 15 Click here

Source:
Refinitiv IFR Research/Market Commentary

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