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May 22 - 12:12 PM

GBP/USD - Bulls Continue To Respect Falling 10-DMA Resistance Now At 1.2249

By Paul Spirgel  —  May 21 - 01:55 PM
  • GBP/USD hovers near flat into NY close, NorAm range 1.2249-1.2209

  • Pair found offers just abv 10-DMA 1.2249 for third consecutive day

  • Negative rate talk in focus, Front-end of UK gilt curve, 2-5yr goes negative

  • Sterling slips on rising BoE negative rate talk nL1N2D30ZX

  • Res 1.2292 38.2% Fib of 1.2644-1.2075, then 55,21 & 30-DMAs in mid-1.23's

  • EUR/GBP -0.15% at 0.8956, Thurs range 0.90-0.8947; longs take profit on new 2-month high, pre-US holiday

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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