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May 24 - 09:48 PM

GBP/USD - PM Sticks By His Man - Key Support Vulnerable

By Andrew M Spencer  —  May 24 - 06:45 PM
  • Flat - 1.2168/1.2180 range early, as Cummings dominates UK news nL8N2D604Q

  • Report Cummings broke lockdown rules sparked resignation calls nL8N2D60BR

  • PM Johnson backs his main man - lockdown drive 'understandable' nS8N2D402U

  • Charts; momentum studies, 5, 10 & 21 DMAs head lower - negative setup

  • 1.2292, 38.2% April-May fall capped last week and remains pivotal resistance

  • 1.2159, 61.8% of this week's bounce provided a base Friday - now supports

  • Sustained 1.2159 break would open the door to a test of the 1.2075 May low

  • 1.2207/11, NY high, 10 & 5 DMA are initial resistance



gbp may 25 Click here

Source:
Refinitiv IFR Research/Market Commentary

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