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Aug 10 - 09:55 PM

GBP/USD - U.S. CPI Leaves Sterling Tracking Towards 1.2300

By Andrew M Spencer  —  Aug 10 - 07:40 PM

  • Steady after jumping 1.2% against the softer USD after lower U.S. CPI

  • BoE's Pill says rate hikes won't hit economy until late 2023 nL8N2ZM6JE

  • UK housing soft on higher interest rates and cost of living nL8N2ZM6QC

  • Charts - positive daily momentum studies, 5, 10 & 21 DMAs head higher

  • 21 day Bollinger bands climbed - bounce turned technical outlook to positive

  • 1.2291 August high then 1.2320, 61.8% May-July fall are initial resistance

  • Close below 1.2077 rising 21 day moving average needed to end topside bias

  • 1.2110-1.2277 NY post CPI range is initial support and resistance

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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