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Nov 04 - 10:55 PM

GBP/USD - Consumer Spending Slowed Into The Budget - May Bounce

By Andrew M Spencer  —  Nov 04 - 10:00 PM
  • Steady in a 1.2950-1.2957 range in Asia, as markets await US election news

  • Retailers - UK consumer spending slowed before last week's budget

  • Barclay's economist Meaning - 'the stage is set for real spend growth'

  • BOE expected to cut 25bp to 4.75% on Thursday and to 4.5% in February

  • Charts - neutral daily momentum studies, 21-day Bollinger bands slip

  • 5, 10 & 21-day moving averages ease - signals show a modest bearish bias

  • 1.2844 October low, then the 1.2665 August base are initial supports

  • Thursday's 1.2999 top and last week's 1.3043 high are the first resistance

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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