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Feb 05 - 11:00 PM

GBP/USD - Softer - Charts Begin To Suggest 1.2900 Is Vulnerable

By Andrew M Spencer  —  Feb 05 - 10:00 PM
  • Off 0.1%, at the base of a tight 1.2985-1.3001 range, decent morning flow

  • Gov't plan to raise growth to 2.75% unlikely to succeed, NIESR nL4N2A542T

  • UK housing starts climbed to highest level since 2007 - NHBC nL8N2A55QR

  • Momentum studies, 21 day Bolli bands, 5, 10 & 21 DMAs started to edge lower

  • Negative setup approaching the range base - has been resilient below 1.3000

  • 1.2945-1.3158 falling 21 day Bolli bands have held on close this week

  • 1.2900/20 December low and 38.2% Sep-Dec 2019 rise is pivotal support

  • Close below 1.2900, targets 1.2740/70, 50% Sep-Dec rise and Nov low



gbp 2 feb 6 Click here

Source:
Refinitiv IFR Research/Market Commentary

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