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May 22 - 09:55 PM

GBP/USD - Bid Early As Key Resistance Gave Way - 1.2592 Key

By Andrew M Spencer  —  May 22 - 08:05 PM

  • +0.05% after closing up 0.2% on Friday, despite a firmer U.S. dollar

  • Surprise bounce in UK retail sales on Friday underpinned cable nL5N2XC0ZP

  • Gov't lawmaker, "Universal Credit" should rise with inflation nL5N2XD05S

  • Prompt action to help those most disadvantaged would be a popular policy

  • Charts; momentum studies climb, 5, 10 & 21 day moving averages conflict

  • 21 day Bollinger bands contract - mixed signals suggest choppy consolidation

  • Close above 21 DMA, now 1.2437 was bullish for 1.2592, 38.2% March-May fall

  • Today's 1.2481 low and last week's 1.2523 high initial support, resistance

For more click on FXBUZ


gbp May 23 Click here

Source:
Refinitiv IFR Research/Market Commentary

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