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Dec 19 - 08:55 PM

GBP/USD - Poised Above Range Support, Dovish BoE Shift

By Andrew M Spencer  —  Dec 19 - 06:45 PM
  • Steady after closing down 0.6% with the U.S. dollar up just 0.2%

  • BoE voted 6-3 vs 8-1 to remain on hold - dovish shift on the slowing economy

  • Retail sales lead event risk in London - poll +0.5% m/m, +0.8% y/y

  • Charts - negative daily momentum studies, 21-day Bollinger bands expand

  • 5, 10 & 21-DMAs fall - a negative daily bias, plus weeklies remain bearish

  • Targets a test of the 1.2475 November trend base, then the 1.2446 May low

  • A close below 1.2446 would be bearish for a test of the 1.2299 2024 base

  • Wednesday's 1.2730 high, then the 1.2810 December top are initial resistance

For more click on FXBUZ

Source:
London Stock Exchange Group | Thomson Reuters

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