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Jun 29 - 09:55 PM

GBP/USD - Support Held, But Within Falling Trend Channel

By Andrew M Spencer  —  Jun 29 - 07:35 PM
  • +0.1%, with risk with E-mini S&P +0.3%, after closing -0.3%

  • Modest bounce in UK business confidence from very low levels nL8N2E64MN

  • Johnson's answer to COVID-19 downturn: "Build, build, build" nL8N2E65ZI

  • Funding the PM's spending cited as a factor in GBP weakness offshore

  • Charts; momentum studies, 5, 10 & 21 DMAs head south - bearish setup

  • June fall in a well defined trend channel, 1.2433 channel top key resistance

  • 1.2249, 76.4% of the May-June rise a base yesterday, now first support

  • 1.2388 late Asia/early London high initial resistance

  • For more click on FXBUZ

GBP jun 30 Click here

Source:
Refinitiv IFR Research/Market Commentary

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