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Aug 23 - 01:55 AM

GBP/USD - Higher As Market Optimism Weighs On The USD

By Andrew M Spencer  —  Aug 22 - 11:42 PM

  • 0.2% higher in a 1.3610-1.3655 range - busy once Asia fully opened

  • Rise due to safe haven USD weakness, as stocks and commodities firmed

  • Optimism coincided with China reporting no new COVID-19 cases nL1N2PU027

  • PMI's key - manufacturing poll 59.5, services poll 59.00 and composite 58.4

  • Charts; momentum studies, 5, 10 & 21 daily and weekly moving averages slide

  • 21 day Bollinger bands expand - strong bearish trending setup

  • Fall targets a test of 1.3572 July trend base, with 1.3451 2021 base below

  • Asian 1.3655 high and 1.3679 5 day moving average are first resistance

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gbp aug 23 Click here

Source:
Refinitiv IFR Research/Market Commentary

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