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Aug 11 - 09:55 PM

GBP/USD - Heavy Early, But Signals Remain Constructive

By Andrew M Spencer  —  Aug 11 - 07:35 PM

  • -0.2% after closing -0.1%, capped by EUR/GBP demand, cross closed +0.4%

  • BoE - weakening regulators would undermine market reforms nL8N2ZN34T

  • Drought could be the next hurdle for the UK economy nL1N2ZN1FK

  • Charts - daily momentum studies, 5, 10 & 21 DMAs all head higher

  • 21 day Bollinger bands climb - Wednesday's bounce left a positive setup

  • 1.2291 August high then 1.2320, 61.8% May-July fall are initial resistance

  • Close below 1.2094 rising 21 day moving average needed to end topside bias

  • 1.2185-1.2249 NY range is initial support and resistance

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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