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Mar 03 - 11:55 PM

GBP/USD - Extends Friday's Bounce, As Offshore Factors Lead

By Andrew M Spencer  —  Mar 03 - 10:10 PM
  • +0.1% in a tight 1.2656-1.2667 range with consistent interest on D3

  • There are no significant UK data or scheduled Bank of England speeches today

  • The setup suggests that risk appetite and the U.S. dollar will lead sterling

  • Charts; 5, 10 & 21-DMA's conflict as the 21-day Bollinger bands expand

  • Daily momentum studies flat line - the daily charts show no significant bias

  • Friday's 1.2600 low and Thursday's 1.2681 high initial support, resistance

  • Overall the 1.2500-1.2800 range in place since late November remains in play

  • The UK budget on March 6th will be the major event risk for sterling

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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