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Apr 03 - 11:55 PM

GBP/USD - Sustains Offshore Gains As Support Above 1.2500 Holds

By Andrew M Spencer  —  Apr 03 - 11:05 PM
  • Little changed in a tight but busy 1.2645-1.2655 range on D3

  • Final services PMI leads the UK data - poll no change at 53.4

  • Profit taking on long USD positions into Friday's US job caps GBP

  • Techs; Wednesday's bounce leaves contracting 5, 10 & 21-day moving averages

  • Daily momentum studies edge higher, while 21-day Bollinger bands slip

  • Downtrend stalled - close above 1.2675 38.2% Mar/Apr fall would be positive

  • 1.2501 Dec base, 1.2517 2024 low, and 1.2536 Feb 14 base are strong support

  • 1.2563 London low and 1.2675 38.2% Fibo are initial support, resistance

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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