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Jan 16 - 11:55 PM

GBP/USD - Key Support Holds, But Pullbacks Are Shallow So Far

By Andrew M Spencer  —  Jan 16 - 10:15 PM
  • Trades at the base of a tight 1.2634-1.2643 range as Asia consolidated

  • UK saw strong wage growth in late 2023 - jobs site Indeed - bad news for BoE

  • PM Sunak's Rwanda policy continues to divide ahead of this year's election

  • Charts; 21-day Bollinger bands expand - momentum studies edge lower

  • 5, 10, and 21-day moving averages coil - signals show no strong bias

  • Well-tested Dec/Jan range base around 1.2610 is key support, and in sight

  • Sustained break would target 1.2524, 38.2% of the Oct-Dec climb

  • New York 1.2678 high is now the initial resistance

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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