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May 05 - 09:55 PM

GBP/USD - Downtrend Back With A Vengeance, Next Stop 1.2250

By Andrew M Spencer  —  May 05 - 07:35 PM

  • Steady after closing down 2.2%, spooked by dire BoE expectations

  • BoE thinks there is a risk of recession and 10% inflation nL2N2WX0QG

  • BoE's Bailey sees need to be 'very careful' on rate rises nS8N2UY07U

  • Charts; momentum studies ease, 5, 10 & 21 day and week MA's slide

  • 21 day Bollinger bands fall, as the strong bearish setup returns

  • 1.2525 10 DMA resistance tested this week - close above would be positive

  • 1.2786 falling 21 day moving average remains pivotal resistance

  • 1.2325 NY low and 1.2252 June 2020 base are initial supports

    For more click on FXBUZ


gbp May 6 Click here

Source:
Refinitiv IFR Research/Market Commentary

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