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Oct 30 - 04:55 PM

GBP/USD - Whipsawed After ADP, UK Budget Remains Anchored By 10-DMA At 1.2986

By Paul Spirgel  —  Oct 30 - 01:45 PM
  • GBP$ limps toward the NorAm close, -0.17% at 1.2991; Wed range 1.3043-1.2937

  • Pair survived UK FinMin Reeves 1st budget and upbeat U.S. ADP data

  • Volatility rising pre-elex, but anchor to 10-DMA at 1.2986 intact for now

  • Sterling slips to lower end of range awaiting US regime change nL1N3M60T0

  • US core PCE price Idx Thursday, payrolls Friday in focus

  • Key event remains U.S. election on Nov. 5; polls w/in margin of error

  • Trump seen as the favorite according to online betting markets

  • Res 1.3043 Wed high, 1.3048 daily cloud base, 1.3109 38.2% of 1.3434-1.2908

  • Sterling bulls gain momentum above 1.3171 the 50% Fib of 1.3434-1.2908

  • Supt 1.2984 the 200-HMA, 1.2937 Wednesday low, 1.2908 the Oct. 23 low

Source:
Refinitiv IFR Research/Market Commentary

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