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May 19 - 01:55 AM

GBP/USD - Upbeat Data, Focus On Fed Chair Powell's Speech

By Andrew M Spencer  —  May 18 - 11:50 PM
  • Steady, trading in a tight but busy 1.2393-1.2415 range on D3 in Asia

  • UK consumer confidence continues to recover, despite resilient inflation

  • No further UK data - market focus likely on Fed Chair Powell's speech

  • Charts; momentum studies slide, 5, 10 & 21-day moving averages crest/fall

  • 21-day Bollinger bands expand - neutral setup turned negative Thursday

  • Targets a test of 1.2345, 38.2% of the 2023 rise, with 1.2242 50% below

  • Thursday's 1.2495 top, then 1.2512/14 10 & 21 DMA initial resistance

  • NY 1.2392 low and 1.2369 lower 21-day Bollinger band are first supports

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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