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Aug 24 - 09:55 PM

GBP/USD - Support Above 1.1700, But Base Remains The Weak Side

By Andrew M Spencer  —  Aug 24 - 07:55 PM

  • Steady after closing down 0.35% with an inside day, with a firmer USD

  • UK car production up 8.6% in July as component shortages ease nB8N2T200R

  • Car production is recovering post COVID and Brexit, but off 46.4% pre COVID

  • Charts: daily momentum studies conflict, 21 day Bollinger bands expand

  • 5, 10 & 21 day and week moving averages fall - strong bearish trending setup

  • This week's 1.1877 high then 1.1928 10 DMA first major resistances

  • 1.1756 NY low then this week's 1.1718 base are initial supports

  • Close above 1.1928 10 DMA needed to undermine the downside bias

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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