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Oct 12 - 08:55 PM

GBP/USD - Key Resistance Under Pressure, As Rebound Extends

By Andrew M Spencer  —  Oct 12 - 07:15 PM
  • Flat after closing up 0.15%, third day of higher lows and highs - USD softer

  • PM's tiered system of COVID-19 restrictions - initial confusion nL8N2H30NJ

  • UK consumers, sensing new COVID restrictions, speed up spending nL9N2DP00I

  • Charts; momentum studies 5, 10 & 21 daily moving averages all head higher

  • Positive setup targets 1.3079 50% Sep fall & 1.3100 upper 21 day Bolli band

  • Sustained 1.3080 break opens the door to 1.3173, 61.8% of the September fall

  • Close below the 1.2896 rising 21 DMA would end the topside bias

  • London 1.3006 low and NY 1.3083 high are initial support-resistance

    For more click on FXBUZ

gbp oct 13 Click here

Source:
Refinitiv IFR Research/Market Commentary

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