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May 25 - 06:12 AM

GBP/USD - Negative Setup Above Key Support, Cummings Leads News

By Andrew M Spencer  —  May 24 - 11:55 PM
  • +0.1%, with only occasional interest in a 1.2168/1.2190 range

  • Sunak authorises bailout for strategically important companies nL8N2D60KE

  • Pressure on PM to fire key advisor Cummings on lockdown breach nL8N2D60BR

  • 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 last week's bounce provided a base Friday - now key support

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

  • 1.2207/12, NY high, 10 & 5 DMA are initial resistance

gbp2 may 25 Click here

Source:
Refinitiv IFR Research/Market Commentary

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