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May 18 - 07:24 AM

GBP/USD - Softer USD Props, But Risk Remains To The Downside

By Andrew M Spencer  —  May 18 - 12:00 AM
  • Touch firmer with a softer USD on risk on markets - E-Mini S&P +1.2%

  • Trades towards the top of a 1.2075-1.2115 range with decent interest

  • BoE studying all economy aid options, including negative rates nL8N2CY0NI

  • Lockdown understandably hits UK shops footfall traffic hard nL4N2CX3FO

  • Charts; daily momentum studies, 5, 10 & 21 DMAs slip - negative setup

  • Close below 1.2166-76, April low & 38.2% Mar-Apr rise strong bearish signal

  • Longer term targets, 1.1885 61.8% March-April rise then 1.1413 March low

  • Downtrend is strong and negative news dominates nL4N2D004S



gbp 3 may 18 Click here

Source:
Refinitiv IFR Research/Market Commentary

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