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May 25 - 01:55 AM

GBP/USD - Treads Water Below Strong Resistance Around 1.2600

By Andrew M Spencer  —  May 25 - 12:15 AM

  • Steady despite the firmer USD in Asia, as UST yields climb, 2yr +4bp 2.526%

  • Sterling trades in the middle of a 1.2516-1.2549 range, steady flow on D3

  • UK pay deals hit 4%, highest since 1992 - well below inflation nL5N2XG3Y2

  • Charts; momentum studies, 5, 10 & 21 day moving averages conflict

  • 21 day Bollinger bands contract - mixed signals suggest range trading

  • 1.2592, 38.2% March-May fall tested, 1.2639 May high resilient resistance

  • Tuesday's 1.2474 low and 1.2430 21 day moving average initial support

  • Sterling to top out around 1.2600, into a tough summer nL2N2XH023

For more click on FXBUZ


gbp 3 May 25 Click here

Source:
Refinitiv IFR Research/Market Commentary

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