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Jul 05 - 10:55 PM
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GBP/USD - Encounters Solid Reinforced Resistance, May Recoil
By Ewen Chew — Jul 05 - 08:52 PM
• GBP/USD wilts to 1.3354 after opening 1.3369; well-capped
• Bollinger uptrend channel rejected two rally attempts Thur-Fri
• Just above it, 200 and 100 DMA converge around 1.3400 barrier
• Additionally, Ichimoku cloud reinforces psychological barrier
• Barring a strong negative-USD catalyst, GBP/USD may recoil
• Consolidation toward 21 DMA 1.3303 appears likely ahead
GBP
(Ewen Chew is a Reuters market analyst. The views expressed are
his own.)
Source:
London Stock Exchange Group | Thomson Reuters