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Nov 11 - 08:55 PM

GBP/USD - 1.3166 Beckons - USD Strength And Soft UK Data Weigh

By Andrew M Spencer  —  Nov 11 - 06:38 PM

  • Steady after closing -0.3% on strong USD and sluggish economy nL8N2S22CO

  • Charts 5, 10 & 21 DMAs slide, while 21 day Bollinger bands expand

  • Bearish trending setup holds while 1.3647 21 day moving average caps

  • Momentum studies track lower - strong negative trending setup

  • 1.3356 lower 21 day Bollinger band is a good indicator of an oversold market

  • Suggests bears should sell strength not breaks at these levels

  • Next significant support is 1.3166, 38.2% of the 2020-2021 rise

  • NY 1.3359-1.3417 range is initial support and resistance

For more click on FXBUZ


gbp Nov 12 Click here

Source:
Refinitiv IFR Research/Market Commentary

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