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Jun 09 - 09:55 PM

GBP/USD - 1.2778 Resistance Caps, But Charts Remain Positive

By Andrew M Spencer  —  Jun 09 - 07:55 PM
  • Off 0.06% in a tentative Asia open ahead of the pivotal FOMC nL1N2DL1J0

  • English house sales rebound to near pre-lockdown levels- Zoopla nL8N2DM5W6

  • Major financial market volatility reinforces the appeal of property and gold

  • Charts, momentum studies, 5, 10 & 21 DMAs all move higher - bullish setup

  • 1.2797 rising 21 day Bolli band suggests overbought conditions are unwinding

  • Move targets 1.2778, 76.4% March fall, then 1.3020, 76.4% Dec/Mar fall

  • Close below the 1.2570 rising 10 DMA needed to undermine the uptrend

  • London 1.2620 low and earlier 1.2743 high initial support-resistance

data jun 10 Click here

Source:
Refinitiv IFR Research/Market Commentary

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