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May 17 - 06:55 AM

GBP/USD - This Is A Good Time To Hedge For A Deeper GBP/USD Drop

By Jeremy Boulton  —  May 17 - 04:40 AM
  • GBP/USD has dropped 15% since taper talk emerged last year nL2N2X90JH

  • Pair reached 1.2156 May 13 before bouncing to 1.2479 today May 17

  • 21-DMA 1.2538 which is rough centre 20-day Bollinger bands (neutral ground)

  • A mininum tech correction for Apr 21-May 13 1.3090-1.2156 drop is 1.2513

  • There is little chance of a sustained rise above 1.2500

  • UK's large (GBP 24 bln) and growing trade deficit will undermine pound

  • GBP/USD likely to come under greater pressure ahead Jun 15 Fed meeting


GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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