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Aug 19 - 02:55 AM

GBP/USD - Soft On Weak Consumer Confidence Into Retail Sales

By Andrew M Spencer  —  Aug 19 - 12:10 AM

  • -0.2% in a 1.1905-1.1936 range with constant interest on D3

  • UK GfK consumer confidence index fell to a record low nL8N2ZU2I6

  • Sterling weak as cost of living crisis builds, with BoE likely cautious

  • July retail sales is event risk in London - poll -0.2% m/m, -3.3% y/y

  • Charts - daily momentum studies, 5, 10 & 21 day moving averages head lower

  • 21 day Bollinger bands expand - Thursday's fall leaves a bearish setup

  • 1.1886 76.4% July-August rise then 1.1761 July low are initial key supports

  • 1.2004 prior range base then 1.2079 London high Thursday first resistance

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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