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May 09 - 09:55 PM

GBP/USD - Sterling Is Resilient - Charts Remain Positive

By Andrew M Spencer  —  May 09 - 07:35 PM
  • Steady after closing little changed, resilient to the firmer U.S. dollar

  • UK returned from the long coronation weekend buoyed by positive sentiment

  • BOEWATCH prices a 25pt hike to 4.5% on May 11th at 98.76% - outlook pivotal

  • Strikes continue - Unite says 1,200 contractors to resume 2-day strike

  • Charts; momentum studies flat line, 5, 10 & 21-day moving averages climb

  • 21-day Bollinger bands rise - technical signals suggest further gains

  • 1.2666 May 2022 top caps but vulnerable, next stop 1.2751 61.8% 2021-22 fall

  • 1.2580 NY low and then 1.2566 10-day moving average are initial supports

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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