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Mar 31 - 03:55 PM

GBP/USD - Resistance At 10-DMA Bruised But Holding, For Now

By Paul Spirgel  —  Mar 31 - 01:35 PM
  • Sterling hovers near flat +0.05% at 1.3144; Thurs range 1.3176-07

  • Fed, ECB control sterling's fortunes as BoE dithers nL2N2VY1EA

  • Rally off early NorAm low 1.3107 stalls at 1.3176 just abv 10-DMA at 1.3165

  • Failures by 10-DMA add to bearish structure, pair holds near 2022 low 1.3000

  • Falling DMA's, cloud bearish; bulls need rise abv 30DMA 1.3245 to stem slide

  • Support at Mar 29 low 1.3052, 2022 low 1.30, and lower 30-d Bolli at 1.2899

  • EUR/GBP runs into res just abv the 55-DMA at 0.8508, slides 0.72% to 0.8434

  • Ukraine tensions rising dents EZ growth narrative, stunts hawkish ECB rate chatter

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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