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Mar 06 - 08:55 PM

GBP/USD - Overbought Signals Cool, Bullish Setup Into US Jobs

By Andrew Spencer  —  Mar 06 - 06:47 PM

• Steady after closing down 0.1% with the U.S. dollar off 0.05%

• BoE's Mann - UK inflation rise unlikely to lead to long-term price pressures

• UK firms see faster price rises and smaller pay increases, BoE survey shows

• Asia usually trades tight ranges ahead of the often volatile U.S. payrolls

• Charts - 5, 10 & 21-day MAs climb, as 21-day Bollinger bands expand

• Positive daily momentum studies - this week's bounce leaves a bullish setup

• The 1.2788 200 DMA and then Tuesday's 1.2679 low are initial supports

• 1.3046 range top in November 2024 is the next significant resistance

• A sustained break of the 1.2610 21-day moving average ends the topside bias
Andy


(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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