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Nov 05 - 08:55 PM

GBP/USD - Sustains Offshore Gains - US Election Sentiment Leads

By Andrew M Spencer  —  Nov 05 - 06:50 PM
  • Steady in Asia after closing up 0.65% with the U.S. dollar off 0.45%

  • Upbeat offshore sentiment cools in early Asia, awaiting US election news

  • UK services PMI, like most sectors, lost steam in the lead-up to the budget

  • Gilt yields jumped, 10yr +8bp 4.53% high since Oct - volatile post-budget

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

  • Neutral5, 10 & 21-day moving averages - signals show little bias

  • 1.2844 October low, then the 1.2665 August base are initial supports

  • Last week's 1.3043 high then 1.3103Oct 15 top are first resistance

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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