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Nov 08 - 10:55 PM

GBP/USD - Positive Setup Below Tough 1.1640/1.1740 Resistance

By Andrew M Spencer  —  Nov 08 - 10:10 PM

  • Steady near the top of a quiet 1.1528-1.1549 range on D3 pre midterm results

  • PM Sunak considers raising top rate of income tax, Telegraph nFWN3249XF

  • As the cost of living surges, top rate seems easiest way to generate income

  • Tough UK budget expectations on November 17th underpin rebound in sterling

  • Charts, daily momentum studies, 10 & 21 day moving averages edge higher

  • 21 day Bollinger bands contract - a positive bias for 1.1645 Oct high test

  • Tough resistance at 1.1640/1.1740 38.2% 2022 fall, September/October high's

  • NY 1.1430-1.1599 range is initial support, resistance

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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