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May 20 - 03:55 PM

GBP/USD - Steady Amid Risk Rally Reversal, 21-DMA Support Holding By 1.2453

By Paul Spirgel  —  May 20 - 01:35 PM
  • Sterling ending Noram near flat at 1.2470, NorAm range 1.2500-1.2452

  • Risk rise after China rate move unravels; marts wary of slowing growth

  • UK ret sales beat highlights potential bullish sterling shift nL2N2XC10Q

  • Upbeat UK orders, retail sales data reduces UK recession fears

  • Bulls cling to 21-DMA supt by 1.2453, below target 10-DMa at 1.2345

  • Res at Friday high 1.2500, Thursday high 1.2523; abv 30-DMA 1.2630 targeted

  • Bulls gain momentum above 1.2652, 50% Fib of 1.3147-1.2156

  • EUR/GBP -0.32% at 0.8462, Fri range 0.8496-50; glbl growth fears more pronounced for low rate EUR


GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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