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Dec 08 - 08:55 PM

GBP/USD - Uptrend On Hold, But Signals Remain Positive

By Andrew M Spencer  —  Dec 08 - 06:45 PM

  • -0.1% after closing up 0.25%, with the U.S. dollar down 0.3%

  • UK to lay out financial reforms to 'turbocharge' growth nL8N32Y2VL

  • Hope is that the measures halt the slide of business to EU centres

  • Charts; neutral daily momentum studies, 10 & 21 day moving averages climb

  • 21 day Bollinger bands rise - positive setup while 1.2029 21 DMA holds

  • 1.2152 10 DMA again held - a base on the close for this move, key support

  • 1.2247 NY high then this week's 1.2345 trend high are initial resistance

  • Sterling struggles above 1.2300- real progress needed or charts will reverse

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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