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May 13 - 02:55 AM

GBP/USD - UK Shoppers Bloom - Technicals Turn Bearish

By Andrew Spencer  —  May 13 - 12:00 AM

• +0.05% in a fairly busy 1.3169-1.3189 range on FX Matching

• UK shoppers celebrate Easter and the sunshine with a spending splurge

• British pension funds pledge to step up UK investments - should boost growth

• UK employment and US CORE CPI, Fed's favoured inflation data lead event risk

• Charts - 5, 10, & 21-day moving averages crest/fall, momentum studies slip

• Neutral 21-day Bollinger bands - the daily charts have turned net bearish

• 1.3297 21-DMA, then last week's 1.3402 high, are the first resistance levels

• Monday's 1.3140 low, then 1.3077, 0.5% of the April rise are first support
Andy


(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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