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Feb 22 - 08:55 PM

GBP/USD - Sterling Can Test 1.2735, As Sentiment Improves

By Andrew M Spencer  —  Feb 22 - 07:05 PM
  • Steady after closing up 0.2%, supported by stronger PMIs and optimism

  • Stronger data dampens BoE rate cut hopes, BOEWATCH prices 24pts in August

  • No tier one UK data today so risk appetite and the U.S. Dollar to lead GBP

  • Charts; 5, 10 & 21-DMA's coil as the 21-day Bollinger bands contract

  • Positive daily momentum studies - the setup shows no significant bias

  • 1.2612 New York low and this week's 1.2579 base are initial supports

  • Thursday's 1.2710 high, then 1.2735 upper 21-day Bolli are first resistance

  • The close above well-tested 1.2635 21-DMA targets 1.2735 upper 21-day Bolli

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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