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May 13 - 12:12 AM

GBP/USD - Range Base Resilient, But Economic Outlook Weighs

By Andrew M Spencer  —  May 11 - 11:55 PM
  • Off 0.15%, trades in the middle of a busy 1.2283-1.2337 range - USD led

  • Risk off on coronavirus second wave fears and US-China tension nL4N2CT476

  • Think tank - UK should extend part of furlough scheme to Dec 31 nL8N2CT75M

  • Charts; momentum studies conflict, 5, 10 & 21 DMAs slip - neutral setup

  • 1.2257 lower 21 day Bolli held yesterday, good indicator of over sold market

  • Close above 1.2427 21 DMA would target 1.2597 upper 21 day Bollinger band

  • 1.2166-76, April low and 38.2% March-April rise is pivotal support

  • Coronavirus and Brexit economic uncertainty weighs nL1N2CU004



gbp 3 may 12 IMAGE Click here

Source:
Refinitiv IFR Research/Market Commentary

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