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Jan 02 - 09:55 PM

GBP/USD - Soft Data, Tough Choices Weigh On Sterling

By Andrew Spencer  —  Jan 02 - 07:44 PM

• Unchanged after closing down 1.15%, leading the U.S. dollar higher +0.7%

• UK factories reported the sharpest PMI contraction in nearly a year

• Fin Min Reeves - ministers to consider cuts to frontline services, The Times

• Budget constraints will make selling government policies very difficult

• There is no tier one UK data today - U.S. dollar will likely leads sterling

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

• 5, 10 & 21-DMAs ease - a bearish trending setup - weeklies remain bearish

• The next stop is a test of the 1.2299 April and 2024 yearly major support

• Thursday's 1.2538 high then this week's 1.2616 top are first resistance
Andy


(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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