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Jan 19 - 11:55 PM

GBP/USD - Bid With Risk Appetite, As The New Trump Era Nears

By Andrew Spencer  —  Jan 19 - 09:56 PM

• +0.15% near the 1.2160-1.2190 Asian range top with moderate FX Matching flow

• Risk on in Asia with regional stocks up, despite soft e-mini S&P -0.1%

• Trump promises harsh immigration limits at his inauguration Eve rally

• There is no significant UK data today, so risk/USD to lead sterling

• Charts - daily momentum studies ease, 21-day Bollinger bands head lower

• 5, 10 & 21-DMAs slide - weeklies remain bearish - a strong negative setup

• Targets a test of last week's 1.2100 low then the 1.2038 Oct 2023 base

• Jan 10 1.2322 high, then the key 1.2392 21 DMA are first resistance

• A close above the 1.2392 21-DMA would be a positive signal
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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