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May 06 - 09:55 PM

GBP/USD - Soft Data, But Sterling Remains Well-Supported

By Andrew M Spencer  —  May 06 - 08:25 PM
  • Unchanged after closing up just 0.1% with an inside day on a UK holiday

  • Barclays- UK April consumer spending slowed to 1.6%, weakest since Feb 2021

  • The British Retail Consortium also reported a sharp drop in retail sales

  • BOEWATCH prices no change on Thursday at 90.75% - August 22.67 pt cut priced

  • Charts; 5, 10 & 21-day moving averages conflict, 21-day Bolli bands contract

  • Mixed daily momentum studies - the daily charts show no strong bias

  • Friday's 1.2634 high then 1.2666, 0.618% of the Mar/Apr fall are resistance

  • 1.2525 10-day moving average and last week's 1.2467 base are first supports

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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