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Aug 08 - 03:55 PM

GBP/USD - Bears Fail Again At 100-DMA, Claims Downside Miss Boosts GBP

By Paul Spirgel  —  Aug 08 - 01:45 PM
  • GBP$ higher in NorAm afternoon, +0.46% to 1.2747; Thurs range 1.2747-1.2666

  • Pair holds near high aided by below-f/c claims data, ebbing recession fears

  • 3rd test of 100-DMA supt by 1.2684 fails, less rate volatility props up risk

  • GBP$ above daily cloud (1.2716-1.2641), bulls target falling 10-DMA 1.2786

  • Res at falling 10-DMA, 1.2829 50% Fib of 1.3044-1.2613, 21-DMA 1.2865

  • Note bearish cross, 10-DMA thru longer term DMAs dents the bullish structure

  • Supt 1.2703 30-HMA, 1.2666 Thursday close, 1.2661 200-DMA

Source:
Refinitiv IFR Research/Market Commentary

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