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Jan 22 - 08:55 PM

GBP/USD - Key Resistance Capped, As Gilt Demand Resurfaced

By Andrew Spencer  —  Jan 22 - 06:56 PM

• Off 0.1% after closing down 0.35%, with the USD up just 0.1%

• Record bids for 15-year gilt despite debt selloff - confidence returns?

• There is no tier-one UK data - Risk appetite, USD, and Trump policies lead

• Charts - daily momentum studies rise, 21-day Bollinger bands edge lower

• 5, 10 & 21-DMAs conflict - weeklies remain bearish - negative setup remains

• Monday's 1.2160 low, then the 1.2100 2025 base are initial supports

• A close above the 1.2369 21-DMA, which capped Wednesday, would be positive

Close above 1.2370 to target 1.2575/1.2616 range top in early 2025
Andy


(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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