Explore eFXplus Derived Data That Drive Results
A Data Partner of:
Refinitiv
May 16 - 09:55 PM

GBP/USD - Testing Key Resistance, But News, Charts Are Bearish

By Andrew M Spencer  —  May 16 - 07:40 PM

  • Steady after closing up 0.5%, bid in the NY afternoon - flow not news driven

  • BoE described inflation with weak demand as 'very difficult' nL5N2X853M

  • BOEWATCH prices a 25pt hike to 1.25% at the June 16th meeting at 100%

  • UK moving towards trade conflict with EU on N. Ireland protocol nL5N2X851P

  • Charts; momentum studies, 5, 10 & 21 day and week moving averages slide

  • 21 day Bollinger bands fall, as the strong bearish setup remains in place

  • 10 DMA under pressure, tested early May, now 1.2332 - first major resistance

  • Targets a test of long term support at 1.2082, 76.4% of the 2020-2021 rise

For more click on FXBUZ


gbp May 17 Click here

Source:
Refinitiv IFR Research/Market Commentary

Subscription

  • eFXplus
  • End-user license agreement (EULA)

About

  • About
  • Contact Us

Legal

  • Terms of Service
  • Privacy Policy
  • Disclaimer
© 2022 eFXdata · All Rights Reserved
!