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May 25 - 09:55 PM

GBP/USD - Downtrend Extends As The USD And UST Yields Weigh

By Andrew M Spencer  —  May 25 - 07:55 PM
  • Unchanged after closing down 0.35%, as rising UST yields saw the USD +0.35%

  • Hopes UK retail sales will recover with consumer confidence in the summer

  • Expecting a low-key end to the Asian week, USD and risk lead sterling

  • Charts; soft close validated Wednesday's bearish outside day

  • Daily momentum studies, 5, 10 & 21-day moving averages head lower

  • 21-day Bollinger bands expand - setup suggests the base is the weak side

  • 1.2308 NY low then 1.2242, 50% 2023 rise are initial supports

  • 1.2387 London high then 1.2421 10DMA are first resistance

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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