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Apr 03 - 01:55 AM

GBP/USD - Offshore Factors Lead - 1.2500 Remains Vulnerable

By Andrew M Spencer  —  Apr 02 - 11:10 PM
  • Off 0.05% towards the base of a fairly busy 1.2567-1.2581 D3 range

  • No major UK data, but EU CPI, US services PMI, and a Powell speech scheduled

  • Plenty of offshore event risk - risk appetite and the USD likely lead GBP

  • Techs; 5, 10 & 21-day moving averages slide with the daily momentum studies

  • 21-day Bollinger bands expand - daily charts show a negative trending bias

  • There is strong range support above 1.2500- 1.2501 Dec base, 1.2517 2024 low

  • Sustained 1.2500 break would target 1.2469, 50% of the October/March rise

  • A close above the March 22 1.2677 high would leave a 1.2500 base in place

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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