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Jan 29 - 11:55 PM

GBP/USD - Bid - Yen Led - Reeves Runs With The Growth Corridor

By Andrew Spencer  —  Jan 29 - 10:00 PM

• +0.1% as broad-based yen strength leads the USD lower USD/JPY -0.4%

• Reeves puts a new Heathrow runway at the heart of the "growth corridor"

• Like all infrastructure implementation will be fundamental to success

• ECB rate decision - 25pt cut unlikely to surprise, but EUR/GBP flows likely

• Charts - daily momentum studies rise, 21-day Bollinger bands contract

• 5 & 10-DMAs climb, negative weeklies - net a positive short-term bias

• Yesterday's 1.2394 low, and then the 1.2353 21-DMA are initial supports

• Targets a test of the 1.2575 Jan 7 high, and then the 1.2616 2025 top

Close below the 1.2353 21-day moving average would end the topside bias
Andy


(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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