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Jun 03 - 10:55 PM

GBP/USD - Bid Despite Soft Spending Data - Charts Trend Higher

By Andrew M Spencer  —  Jun 03 - 08:35 PM
  • +0.05% after closing up 0.5% with the USD down 0.5%, as UST yields slid

  • Wet weather was the cause of weak UK May spending and retail sales data

  • 87% of Barclay's customers were concerned about higher household bills

  • Data follows upbeat final May PMI on Monday and manufacturing expectations

  • Charts; daily momentum studies - 5, 10 & 21 day moving averages rise

  • 21-day Bollinger bands climb - signals continue to show a positive setup

  • A sustained break of the rising 1.2674 21-DMA would end the topside bias

  • Monday's break of last week's 1.2801 high targets the 1.2893 March top

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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