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Jan 05 - 01:55 AM

GBP/USD - Retains A Bid Tone Into UK Data And US Payrolls

By Andrew M Spencer  —  Jan 04 - 10:05 PM
  • +0.1% at the top of a fairly busy 1.2680-1.2695 range on D3

  • It is not unusual for Asia to trade tight ranges ahead of volatile US jobs

  • UK construction PMI leads the UK data risk - RTRS poll 46.0

  • Charts; 5, 10, and 21-day moving averages plus momentum studies conflict

  • 21-day Bollinger bands contract - the daily charts show no strong bias

  • The setup suggests a broad 1.2600 - 1.2825 range remains viable

  • Dec 21 1.2613 low provided a base - close below targets the 1.2501 Dec low

  • 1.2705 10-day moving average then 1.2758 2024 high are initial resistance

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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