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Oct 24 - 08:55 PM

GBP/USD - Heavy But Range-Bound, As Recession Fears Grow

By Andrew M Spencer  —  Oct 24 - 07:35 PM
  • Flat after closing -0.75% amid weak PMIs, jobs and manufacturing orders

  • The data increased the risk of recession, with BoE to keep rates steady

  • BOEWATCH prices rates on hold at 89.81 on Nov 2 from 86.18 at Friday's close

  • Yield spreads widened a touch, 10yr gilt -3bp 2.834, 10yr UST -2bp 4.818%

  • Charts; 5, 10 & 21-day moving averages coil, momentum studies flat line

  • 21-day Bollinger bands slip - mixed signals - as the range dominates

  • Choppy consolidation in the October 1.2038-1.2337 board range set to extend

  • Last week's 1.2093 base and Tuesday's 1.2288 high first support, resistance

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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