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Aug 23 - 09:55 PM

GBP/USD - Bounce Relieves Oversold Signals - Trend Is Lower

By Andrew M Spencer  —  Aug 23 - 08:05 PM

  • -0.05% after closing up 0.57%, as the U.S. dollar corrected broadly lower

  • Sterling's strength was USD led, as UK PMI's caused concern nZRN004ZTD

  • Charts: daily momentum studies, 5, 10 & 21 day and week moving averages fall

  • 21 day Bollinger bands expand - strong bearish trending setup

  • Bounce has relieved oversold signals - above 1.1785 lower 21 day Bollinger

  • Early London 1.1716 base and 1.1876 NY high are initial support/resistance

  • Longer term target for the downtrend is the 1.1413 March 2020 base

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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