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Jan 13 - 10:55 PM

GBP/USD - Early Gains Short Lived, Trend Remains Lower

By Andrew Spencer  —  Jan 13 - 09:44 PM

• +0.05% at the base of a 1,2203-1.2250 range after an early USD-led spike

• USD spiked on a report Trump advisors are mulling gradual tariff hikes

• UK firms cut headcount late last year in response to tax hike, BCC survey

• Survey joins a slew of similar responses to the Fin Min Reeves budget

• Charts - mixed daily momentum studies, 21-day Bollinger bands expand

• 5, 10 & 21-DMAs slide - weeklies remain bearish - a strong negative setup

• Targets a test of the 1.2038 Oct 2023 low, then the 1.1805 2023 low in March

• Friday's 1.2322 high then the 1.2464 well-tested 21 DMA are first resistance

• A close above the 1.2465 21-DMA would be a positive signal
Andy


(Andrew Spencer is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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