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Aug 24 - 01:55 AM

GBP/USD - Touch Softer - Setup Remains Bearish

By Andrew M Spencer  —  Aug 23 - 11:37 PM

  • Off 0.1% in a 1.3713 - 1.3726 range modest interest early, then quiet

  • G7 leaders plan to pledge unity on Taliban recognition nL1N2PV00M

  • Afghanistan is a major news story, but limited market response or impact

  • Charts; momentum studies, 5, 10 & 21 daily and weekly moving averages slide

  • 21 day Bollinger bands expand - bearish setup, despite Monday's bounce

  • Fall targets a test of 1.3572 July trend base, with 1.3451 2021 base below

  • Sustained break of 1.3828/37, 21 DMA & 61.8% Jul/Aug fall ends downside bias

  • Asian low 1.3713 low and 1.3747, 38.2% Jul/Aug fall support and resistance

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gbp 2 aug 24 Click here

Source:
Refinitiv IFR Research/Market Commentary

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