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Jan 12 - 11:55 PM

GBP/USD - Fresh Trend Low - More Negative Jobs News

By Andrew Spencer  —  Jan 12 - 10:02 PM

• Trades off 0.1% in Asia with a 1.2181 fresh trend low and a 1.2209 high

• UK PM Starmer to outline plan to make Britain a world leader in AI

• Large UK companies plan to cut hiring at the fastest pace since the pandemic

• Another bearish survey, this time from Deloitte, as the budget reverberates

• There are no significant UK data or BoE events - USD/risk to lead sterling

• Charts - daily momentum studies fall, 21-day Bollinger bands expand

• 5, 10 & 21-DMAs slide - weeklies remain bearish - a strong negative setup

• Targets a test of the 1.2038 Oct 2023 low, then the 1.1805 2023 low in March

• Friday's 1.2322 high then the 1.2486 well-tested 21 DMA are first resistance

• Bulls need a close above 1.2486 21-DMA to get excited
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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