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Refinitiv
Mar 18 - 03:48 AM

GBP/USD - Oversold And Bid, As Sunak's Package Well Received

By Andrew M Spencer  —  Mar 17 - 11:30 PM
  • +0.6%, leading the USD lower in Asia - busy in a 1.2055-1.2130 range

  • Positive response to Sunak's $420M coronavirus response package nL8N2BA1M2

  • GBP oversold v's USD and EUR - could bounce if markets settle nL1N2BB024

  • Charts - 5, 10 & 21 daily weekly and monthly MAs head south - negative setup

  • First significant support is the 1.1959 September & 2019 base

  • 1.2259 falling 10 DMA, which has capped is pivotal resistance

  • Earlier 1.2055 low and London 1.2240 high initial support/resistance

gbp 2 mar 18 Click here

Source:
Refinitiv IFR Research/Market Commentary

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