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Aug 23 - 02:55 AM

GBP/USD - Bid On The Softer USD, As UK Rate Cut Hopes Cool

By Andrew M Spencer  —  Aug 22 - 11:55 PM
  • +0.05% at the top of a tight 1.3087-1.3106 range with modest flow on D3

  • The USD slipped 0.1%, as hawkish BOJ's Ueda saw the yen lead the USD lower

  • GfK UK consumer confidence at an almost 3-year high, after strong PMIs

  • BOEWATCH prices no September rate cut at 71.9% from 63.96% last Friday

  • TECHs - positive daily 5, 10 & 21 moving averages, as 21-day Bolli's expand

  • Mixed momentum studies - charts provide a bullish daily and weekly setup

  • The current uptrend targets a test of the 1.3144 July 2023 top

  • Next resistance above 1.3144 is 1.3410, 0.786% of the 2021-2022 fall

  • Close below the 1.2955 10-day moving average would end the topside bias

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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