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May 26 - 09:55 PM

GBP/USD - Poised Below Vulnerable Resistance

By Andrew M Spencer  —  May 26 - 08:45 PM
  • Flat after closing up 0.3% with the safe-haven U.S. dollar down 0.3%

  • UK financial sector hoping for a period of stability after the election

  • The political turbulence in recent years reduced investment in the sector

  • UK and US holiday today, so a period of tight-range trading is likely

  • Charts; daily momentum studies rise - 5, 10 & 21-day moving averages climb

  • 21-day Bollinger bands rise - the daily charts show a positive setup

  • 1.2766 0.786% Mar/Apr fall is pivotal - a break targets 1.2893 March high

  • Close below the 1.2609 21-day moving average low would end the positive bias

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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