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Nov 07 - 10:55 PM

GBP/USD - Gives Back Early Gains As The U.S. Dollar Firms

By Andrew M Spencer  —  Nov 07 - 10:20 PM

  • Off 0.05% near the base of a busy 1.1497-1.1537 range on D3

  • UK businesses fear gloomy Christmas as cost of living soars nS8N30Y0CN

  • Consumers are reducing discretionary spending as inflation bites

  • Sterling supported by expectations of a tough budget building confidence

  • Charts, daily momentum studies 5, 10 & 21 day moving averages edge higher

  • 21 day Bollinger bands climb - a positive bias for a test of 1.1645 Oct high

  • Close above 1.1650 would initially target a test of the 1.1738 Sept high

  • Monday's 1.1291 low and 1.1634, 38.2% 2022 fall initial support, resistance

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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