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May 05 - 09:55 PM

GBP/USD - Resilient, Mid Range Into Major Event Risk

By Andrew M Spencer  —  May 05 - 07:36 PM

  • Touch softer after closing +0.2% - sterling resilient - EUR/GBP -0.25%

  • UK sends two navy boats to Jersey as France threatens blockade nL1N2MS2LG

  • Brexit teething troubles continue, as EU-UK relations come under more stress

  • Charts; momentum studies flatline, 5, 10 & 21 daily moving averages conflict

  • Neutral setup - 1.3800-1.4020 range can hold unless BoE, Scotland surprises

  • Resistance above 1.4000 - range top in March/April - 61.8% 2021 fall, caps

  • 1.3799 61.8% April bounce held on Friday and Monday - now key range support

  • London 1.3877-1.3925 range is initial support, resistance

For more click on FXBUZ


gbp may 6 Click here

Source:
Refinitiv IFR Research/Market Commentary

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