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Jan 23 - 08:55 PM

GBP/USD - Consumer Confidence Fall Weighs - 1.2362 Caps

By Andrew Spencer  —  Jan 23 - 07:11 PM

• Flat after closing up 0.2% - resilient with the U.S. dollar off 0.1%

• UK's Reeves promises changes in March if needed to meet budget rules

• UK gilt yields have largely mirrored Treasury yields in recent weeks

• Consumer confidence fell to -22 the lowest since late 2023: GfK survey

• Flash manufacturing and services PMIs will lead data risk in London

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

• 5, 10 & 21-DMAs conflict - weeklies remain bearish - negative setup holds

• Monday's 1.2160 low, then the 1.2100 2025 base are initial major supports

Close above the under pressure 1.2362 21-DMA would be positive for next week
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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