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Jan 08 - 08:55 PM

GBP/USD - Awaits The Next Trigger As 1.2600-1.2825 Range Extends

By Andrew M Spencer  —  Jan 08 - 06:55 PM
  • Steady after closing up +0.2% with the USD and Treasury yields softer

  • No tier 1 UK data in London or BoE events so risk, USD will lead sterling

  • Charts; mixed momentum studies - 5, 10, and 21-day moving averages coil

  • 21-day Bollinger bands contract - signals show no strong technical bias

  • The setup suggests that the four-week 1.2600 - 1.2825 range can extend

  • Well-tested December/January range base around 1.2610 is key support

  • A close below 1.2600 would target a test of the 1.2501 December low

  • 1.2771 2024 high and then 1.2827 December high likely resilient resistance

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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