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May 01 - 09:55 PM

GBP/USD - Signals Remain Bearish, Despite The Bounce

By Andrew M Spencer  —  May 01 - 07:50 PM

  • Steady after closing up 0.9% as month end rebalancing flows supported

  • Despite the bounce sterling fell 4.3% in April on the stronger USD

  • No significant news for sterling in the UK press - UK bank holiday

  • Charts; momentum studies, 5, 10 & 21 day moving averages head lower

  • 21 day Bollinger bands slide - remains a strong bearish trending setup

  • Targets a test of the 1.2360 low in July 2020 then 1.2252 June 2020 base

  • Close above 1.2741 10 day moving average would undermine downside bias

For more click on FXBUZ


gbp May 2 Click here

Source:
Refinitiv IFR Research/Market Commentary

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