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Jun 21 - 08:55 PM

GBP/USD - Soft Close And Negative Setup Targets 1.2250

By Andrew M Spencer  —  Jun 21 - 06:55 PM
  • -0.05%, extending Friday's 0.65% fall, as the USD correction continues

  • Fin Min Sunak is considering an emergency VAT cut - the Times nL4N2DY000

  • Close below 1.2357 61.8% May-June rise is a bearish signal for this week

  • Upper 21 day Bolli rejection & 1.2501 21 DMA break targets 1.2185 lower band

  • Momentum studies fall, bearish 5 DMA cross of 10 & 21 DMAs - negative setup

  • Initial target is a test of 1.2249, 76.4% of the May-June rise

  • 1.2329 June low and earlier 1.2360 high are initial support-resistance

GBP jun 22 Click here

Source:
Refinitiv IFR Research/Market Commentary

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