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Apr 10 - 09:55 PM

GBP/USD - Closes Below Key Support - 1.2306 Pivotal

By Andrew M Spencer  —  Apr 10 - 07:50 PM

  • +0.05%, after closing -0.25% - U.S. dollar stronger, UST yields higher

  • Illiquid holiday markets likely fuelled volatility in Monday trading

  • Charts; 10 & 21 DMAs head north, as the 21 day Bollinger bands contract

  • Mixed momentum studies - signals suggest the topside momentum has stalled

  • Close below 1.2402 rising 10 day moving average undermines the uptrend

  • Sustained break of the 1.2306 rising 21 DMA would be a bearish signal

  • European 1.2441 high and the NY 1.2346 low are initial support, resistance

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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