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Mar 04 - 11:55 PM

GBP/USD - Touch Softer With Retail Sales, But Signals Support

By Andrew M Spencer  —  Mar 04 - 10:10 PM
  • Off 0.05% near the base of a tight 1.2684-1.2694 range with active D3 flow

  • February BRC UK retail sales came in at 1.1% down from 1.2% in January

  • Fall blamed on bad weather - the cost of living keeps the outlook cautious

  • Tomorrow's UK budget is the major domestic event risk for sterling this week

  • Charts; 5, 10 & 21-DMA's edge higher, while 21-day Bollinger bands contract

  • Daily momentum studies rise - the daily charts show a modest positive bias

  • Monday's 1.2666 low and last week's 1.2600 base are initial supports

  • Close above the February 21 1.2710 top would target the 1.2800/25 range top

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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