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Nov 01 - 07:55 PM

GBP/USD - Opens Lower On Lock Down News - 1.2660 Key Support

By Andrew M Spencer  —  Nov 01 - 05:35 PM
  • -0.25% in response to PM Johnson announcing a 1 month lockdown in England

  • COVID-19 could swamp hospitals, and lockdown may be extended nL1N2HN05A

  • Virus second wave across Europe nL1N2HN0F6 hit the Q4 economies hard

  • Situation adds to pressure to reach a Brexit compromise nL1N2HN0G5

  • Charts; inside day Friday, momentum studies ease, 5, 10 & 21 DMAs crest

  • Modest negative setup, but 1.2860/67 Oct range base & 61.8% Sep-Oct supports

  • Close below likely resilient 1.2860 would be a bearish signal

  • Early 1.2907-1.2941 range is initial support-resistance

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Source:
Refinitiv IFR Research/Market Commentary

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