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May 30 - 09:55 PM

GBP/USD - Bid - Month End Can Produce Major Volatility

By Andrew M Spencer  —  May 30 - 07:55 PM

  • Steady after closing up 0.2% against a broadly weaker USD, with risk firmer

  • Sterling often volatile on month end rebalancing - models suggest USD demand

  • UK business confidence ticked higher in May - Lloyds Bank nL8N2XM438

  • Construction and manufacturing sectors improved, but the retail sector fell

  • Charts; mixed momentum studies, 5, 10 & 21 day moving averages head higher

  • 21 day Bollinger bands expand - technicals provide a positive setup

  • 1.2727 50% of 2022 fall and 1.2746 upper 21 day Bolli band first resistance

  • London afternoon1.2625 low then early London 1.2617 base initial supports

    For more click on FXBUZ


gbp May 31 Click here

Source:
Refinitiv IFR Research/Market Commentary

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