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Aug 05 - 01:55 AM

GBP/USD - Sterling Approaches A Period Of Increased Volatility

By Andrew M Spencer  —  Aug 05 - 12:00 AM

  • -0.15% in a 1.2132-1.3163 range with steady flow and the U.S. dollar firmer

  • Liz Truss, likely next UK PM to outline economic plans today nL8N2ZG7IR

  • Sterling entering a volatile period with a new PM and economic uncertainty

  • BOE will be data and event driven, fuelling intraday volatility nL8N2ZG57L

  • Charts - daily momentum studies conflict - 10 & 21 DMAs head higher

  • 21 day Bollinger bands expand - on balance the bias remains higher

  • 1.2320, 61.8% of the May-July fall is initial significant resistance

  • Close below 1.2038 21 day moving average needed to end topside bias

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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