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Feb 11 - 08:55 PM

GBP/USD - Sterling Steady As Charts And Fundamentals Conflict

By Andrew M Spencer  —  Feb 11 - 06:55 PM
  • Flat after closing up 0.1%, with the U.S. dollar a touch softer

  • No UK data today, so risk appetite and the USD will likely lead sterling

  • BOE Governor Andrew Baily's speech and UK employment data are due Tuesday

  • Fundamentals suggest the resilient U.S. economy should cap USD/GBP rallies

  • Charts, 10 & 21-day moving averages, 21-day Bollinger bands head lower

  • Mixed daily momentum studies- signals show a bearish bias for a 1.2500 test

  • The 1.2640 10 DMA and then the 1.2671 21 DMA are the first major resistance

  • Friday's 1.2600 New York low and Thursday's 1.2572 base are initial supports

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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