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May 18 - 09:55 PM

GBP/USD - Data Improves, But The Strong U.S. Dollar Weighs

By Andrew M Spencer  —  May 18 - 08:05 PM
  • +0.05%, after closing down 0.65%, amid broad-based USD strength, +USD +0.65%

  • UK consumer confidence continues to recover, despite resilient inflation

  • Suggests the dour forecasts for the UK economy could be over-stated

  • Charts; momentum studies edge lower, 5, 10 & 21-day moving averages fall

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

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

  • Thursday's 1.2495 top, then 1.2512/15 10 & 21 DMAs initial resistance

  • NY 1.2392 low and 1.2369 lower 21-day Bollinger band are initial support

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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