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Sep 16 - 09:55 PM

GBP/USD - Further Choppy Price Action Into The BoE Next Week

By Andrew M Spencer  —  Sep 16 - 08:21 PM

  • +0.05% after closing -0.35%, as broad retail sales led USD strength weighed

  • Slower growth, high inflation make decisions difficult for BoE nL8N2QI45G

  • End of the furlough program on Sept 30th will complicate BoE decisions

  • Suggests BoE caution short term - Nov tightening, if inflation remains high

  • Charts; momentum studies conflict, 5, 10 & 21 DMAs contract- neutral setup

  • Tested 1.3900 Tuesday and retreated hard - suggests major 1.3910 resistance

  • 1.3757, 50% of August-September rise and 1.3727 Sep low are initial support

  • 1.3765 NY low and London 1.3841 high are initial support and resistance

    For more click on FXBUZ


gbp Sep 17 Click here

Source:
Refinitiv IFR Research/Market Commentary

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