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Apr 04 - 09:55 PM

GBP/USD - UK Economic Outlook Improves - 1.2500 A Base

By Andrew M Spencer  —  Apr 04 - 07:45 PM
  • Steady - closed down -0.1%, after reversing off 1.2683 on Fed comments

  • UK should exit recession despite slower services growth, PMI data showed

  • Likely tight ranges in Asia ahead of the often volatile US payrolls

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

  • Daily momentum studies climb, while 21-day Bolli bands slip - neutral setup

  • A close above 1.2675 38.2% Mar/Apr fall, tested offshore, would be positive

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

  • 1.2612 21 DMA and 1.2683 New York high are the first support and resistance

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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