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Feb 12 - 01:55 AM

GBP/USD - Shade Firmer - Good News For The BoE On Wages

By Andrew M Spencer  —  Feb 11 - 10:10 PM
  • +0.1%, trades near the top of a 1.2633-1.2642 range with occasional D3 flows

  • No UK data today, so risk appetite and the USD will likely lead the pound

  • British employers plan smaller pay rises for 2024 of 4% from 5% in 2023 CIPD

  • The data is good news for the Bank of England's fight against inflation

  • Charts, 10 & 21-day moving averages fall, 21-day Bollinger bands contract

  • Mixed daily momentum studies - a net bearish bias for a 1.2500 test

  • The 1.2641 10 DMA and then the 1.2671 21 DMA are the first major resistance

  • Friday's 1.2600 New York low and Thursday's 1.2572 base are initial supports

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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