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May 09 - 09:55 PM

GBP/USD - Today's UK Data May Provide The Fuel For BoE Rate Cuts

By Andrew M Spencer  —  May 09 - 08:15 PM
  • Steady - closed +0.2% with the USD off 0.3% - 10yr gilt closed flat 4.144%

  • The BoE meeting provided a dovish hold - price action suggests as expected

  • BoE Chief Economist Huw Pill- confidence to cut building- need more evidence

  • UK GDP, construction, and industrial production will be key today in London

  • Bullish outside day on Thursday, horizontal 5, 10 & 21-day moving averages

  • 21-day Bollinger bands contract, mixed daily momentum studies- neutral setup

  • Resistance starts at Tuesday's 1.2568 top then 1.2595 upper 21-day Bolli

  • A close below 1.2427, 0.618% of the April/May rise would be a bearish signal

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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