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Apr 02 - 09:55 PM

GBP/USD - Holds After A Bounce With Strong Support Above 1.2500

By Andrew M Spencer  —  Apr 02 - 07:45 PM
  • -0.03% after closing +0.2% with the USD a touch softer across the board

  • UK factories reported the first growth in nearly 2 years, with PMI at 50.3

  • The more resilient UK data will make the BoE cautious about rate cut timing

  • There is no major UK data today, so risk appetite and the USD to lead GBP

  • Charts; 5, 10 & 21-day moving averages ease with the daily momentum studies

  • 21-day Bollinger bands expand - daily charts retain their negative bias

  • Strong range support above 1.2500 - 1.2501 Dec base, 1.2517 2024 low

  • A close above the March 22 1.2677 high would suggest a base is in place

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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