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Nov 23 - 08:55 PM

GBP/USD - Breaks Key Levels - Weak USD Drives Sterling Higher

By Andrew M Spencer  —  Nov 23 - 06:35 PM

  • Steady after closing up 1.4% as the USD fell on softer Fed hike expectations

  • UK PMI beat expectations, but remains at recessionary levels nZRN005LFB

  • Techs, daily momentum studies base, 5, 10 & 21 day moving averages climb

  • 21 day Bollinger bands expand - bounce leaves a strong positive setup

  • Closed above 1.2038, 50% 2022 fall, next stop is 1.2291 August high

  • 1.1893 10 DMA is initial significant support, then 1.1672 21 DMA

  • NY afternoon 1.2024 - 1.2080 range is initial support and resistance

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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