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Jun 03 - 11:00 PM

GBP/USD - Trend Extends - Overbought But 1.2650 Beckons

By Andrew M Spencer  —  Jun 02 - 11:40 PM
  • +0.2%, with solid risk appetite early, then a correction, E-Mini S&P +0.25%

  • Plenty of interest from the Asia open, traded a 1.2548-1.2615 range

  • UK to change immigration rules if China imposes HK security law nL8N2DF62M

  • Current cable strength is all about USD weakness and a risk rebound

  • Charts; momentum studies, 5, 10 & 21 DMAs head north, positive setup

  • 1.2546 upper 21 day Bollinger suggests overbought - buy dips not breaks

  • Targets a test of the 1.2648 April high, then 1.2673 200 DMA

  • 1.2560 267M strikes and earlier 1.2548 low first supports

gbp 2 jun 3 Click here

Source:
Refinitiv IFR Research/Market Commentary

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