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May 25 - 08:36 PM

GBP/USD - Small Bid But Holiday Markets Cloud Direction

By Peter Stoneham  —  May 25 - 06:05 AM
  • Cable holding to a small bull bias early Monday: EUR/GBP offered

  • Should probably be lower given GBP backdrop nL1N2D70AT

  • However, resilience shown and warns bears of potential rebound

  • Technically, a 1.2307-1.2330 June 4 cloud twist could attract

  • Weekly action trying to base but last wk's long upper candle shadow bearish

  • But number of GBP econ negatives in the mix: could yet force a 1.20 break

  • Overall, sterling remains at risk to haven dollar this week






GBP/USD daily Ichimoku chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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