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May 31 - 03:55 AM

GBP/USD - Upbeat Data, Positive Setup - EZ And US Inflation Key

By Andrew M Spencer  —  May 30 - 11:50 PM
  • Trades down 0.1% at the base of a 1.2716-1.2735 range with the USD up 0.1%

  • UK business optimism hits eight-year high, hiring plans strengthen - Lloyds

  • No tier-one UK data in London - European and US inflation lead event risk

  • Charts; daily momentum studies crest - 5, 10 & 21 day moving averages rise

  • 21-day Bollinger bands climb - signals continue to show a net positive setup

  • A stained break of the rising 1.2649 21-day moving average would be bearish

  • This week's 1.2801 high and Thursday's 1.2680 low initial support/resistance

  • A close above 1.2801 would target a test of the 1.2893 2024 high in March

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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