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Nov 09 - 08:55 PM

GBP/USD - Fall Suggests Further Choppy Range Trading

By Andrew M Spencer  —  Nov 09 - 06:35 PM

  • Steady after falling 1.7%, leading the USD higher on Wednesday

  • Fall led by broad USD strength, exaggerated by sterling's volatility

  • Expecting choppy USD led range trading into Nov 17 autumn statement

  • Charts, daily momentum studies, 5, 10 & 21 day moving averages conflict

  • 21 day Bollinger bands contract - neutral setup suggests range trading

  • Tough resistance at 1.1640/1.1740 38.2% 2022 fall, September/October high's

  • 1.1150 November low and 1.0925 October base initial major supports

  • NY 1.1334 low and London 1.1562 high are initial support, resistance

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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