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Refinitiv
Jul 29 - 01:55 AM

GBP/USD - Poised Below Strong But Pivotal Resistance

By Andrew M Spencer  —  Jul 28 - 11:55 PM

  • Flat at the top of a 1.2165-1.2181 range - month end with modest interest

  • Inflation hits UK business confidence, lowest since March 2021 nL8N2Z97OX

  • Drawn out transition to a new PM the last thing the economy needs

  • Sterling is often volatile at month end in Europe, though steady in Asia

  • Charts; daily momentum studies 5, 10 & 21 DMAs base or rise

  • 21 day Bollinger bands contract - overall a modest positive setup

  • 1.2198 upper 21 day Bollinger is a good indicator of an overbought market

  • 1.2213, 50% May/July fall likely resilient, break would turn signals bullish

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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