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Sep 12 - 09:55 PM

GBP/USD - Bid As The USD Retreats - Poised Below Key Resistance

By Andrew M Spencer  —  Sep 12 - 07:50 PM

  • Steady in Asia after closing up 0.85%, as long USD positions unwind

  • Positioning and USD flows dominated weak, recessionary UK data nL8N30J0OG

  • Techs: positive daily momentum studies, 21 day Bollinger bands contract

  • 5, 10 & 21 DMAs conflict - neutral setup suggests range trading

  • Sustained break of the 1.1570 10 day moving average was positive

  • 1.1711 pivotal 21 day moving average in sight - close above bullish

  • 21 DMA break would target falling 1.2053 upper 21 day Bollinger

  • This would repeat the rising pattern seen in July and August

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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