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Refinitiv
Feb 07 - 10:55 PM

GBP/USD - Easing Wage Growth Is Good News For The BoE

By Andrew M Spencer  —  Feb 07 - 10:05 PM
  • +0.05% in a tight 1.2630-1.2637 range, with little D3 interest in Asia

  • UK pay growth eased significantly in January - good news for the BoE

  • No tier-one UK data, so risk appetite and the USD will lead sterling

  • Charts, 5, 10 & 21-day moving averages, 21-day Bollinger bands fall

  • Daily momentum studies show little bias - signals are net bearish

  • The 1.2657 10 DMA and then the 1.2683 21 DMA are the first resistance

  • Wednesday's 1.2617 NY low then 1.2600 early London base are initial supports

  • NY new 1.2641 weekly high undermines the downside bias - suggesting caution

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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