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May 22 - 12:12 AM

GBP/USD - Heavy For The May Low, As Risk Sours Into UK PMI's

By Andrew M Spencer  —  May 21 - 12:00 AM
  • Off 0.3%, as E-mini S&P's -0.6% led risk off USD strength in Asia

  • Trades towards the base of a 1.2193-1.2237 range - busy as Asia opened

  • Charts; momentum studies conflict, 5, 10 & 21 DMAs fall - negative signals

  • 1.2292, 38.2% April-May fall capped again Wednesday - strong resistance

  • Targets a test of 1.2030/75 zone 50% March-April rise & May low [nL4N2D24AV

  • 1.2186, 50% of this week's bounce then 1.2159 61.8%, initial supports

  • Earlier 1.2237 top then 1.2287 NY high first resistance

  • PMI's lead UK data - see chart for polls

ukd may 21 Click here

gbp 3 may 21 Click here

Source:
Refinitiv IFR Research/Market Commentary

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