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Feb 08 - 11:55 PM

GBP/USD - Steady - Lower UST Yields May Support In London

By Andrew M Spencer  —  Feb 08 - 10:10 PM
  • Flat in a tight, quiet 1.2616/1.2621 D3 range as the Lunar New Year begins

  • UST yields are lower in Asia, 10yr -3bp 4.140% - may cap the USD in Europe

  • No tier one UK data or scheduled BoE events, so the USD and risk to lead GBP

  • Charts, 5, 10 & 21-day moving averages, 21-day Bollinger bands head lower

  • Daily momentum studies show little bias - signals remain net bearish

  • The 1.2647 10 DMA and then the 1.2676 21 DMA are the first major resistance

  • Thursday's 1.2572 New York low and the 1.2517 2024 base are initial supports

  • In the bigger picture the resilient US economy should cap sterling rallies

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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