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May 22 - 10:55 PM

GBP/USD - U.S. Debt Ceiling Stand-Off, Sterling Remains Heavy

By Andrew M Spencer  —  May 22 - 07:50 PM
  • Steady after closing +0.1%, with an inside day - the USD little changed

  • U.S. debt ceiling negotiations ended with no deal, but talks to continue

  • Junior doctors in England plan more strikes in the fight for better pay

  • NHS staff and the government remain a long way from finding a solution

  • Charts; neutral momentum studies, 5, 10 & 21-day moving averages fall

  • 21-day Bollinger bands expand - negative setup after recent consolidation

  • Targets a test of 1.2345, 38.2% of the 2023 rise, with 1.2242 50% below

  • London 1.2414 low and NY 1.2471 high, are initial support and resistance

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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