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May 26 - 09:55 PM

GBP/USD - Positive Setup - Poised Below Key Resistance

By Andrew M Spencer  —  May 26 - 08:05 PM

  • +0.05% after closing up 0.2% amid broad based USD weakness

  • UK imposes 25% energy windfall tax to help households nL5N2XI0ZO

  • Welcome relief for the low paid, and should support consumer demand

  • Barclays and Morgan Stanley models expect strong USD demand into month end

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

  • 21 day Bollinger bands expand - signals provide a solid positive setup

  • 1.2639 May range high likely resilient resistance - close above bullish

  • 1.2553 NY low then 1.2551 early London base are initial support

For more click on FXBUZ


gbp May 27 Click here

Source:
Refinitiv IFR Research/Market Commentary

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