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Dec 28 - 08:55 PM

GBP/USD - Fleeting Fresh Trend High, Signals Remain Positive

By Andrew M Spencer  —  Dec 28 - 06:40 PM
  • Steady after closing off 0.5% amid broad-based USD and yen strength

  • UK and US yield spreads were little changed - year-end rebalancing flow led

  • No significant UK data today so risk appetite and the USD to drive GBP

  • Charts; the fresh, though fleeting 1.2825 December high was a positive event

  • 5, 10, and 21-day moving averages rise, while 21-day Bollinger bands expand

  • Neutral daily momentum studies - signals retain a topside bias

  • 1.2883, 76.4% July/October fall is the next significant resistance

  • Thursday's 1.2712 NY low and last week's 1.2613 low are initial supports

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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