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Cable Extends Recovery Above Friday’s Highs, 50-Day EMA is Key Resistance

GBP
  • Despite the overnight greenback strength and GBP weakness associated with the PM Boris Johnson’s no confidence vote, sterling has recovered strongly throughout Tuesday and has just breached Friday’s best levels above 1.2586.
  • Attention is on a key resistance at the 50-day EMA that intersects at 1.2690 today. Clearance of this average is required to strengthen short-term bullish conditions.
  • The broader trend direction is down though and the trigger for a resumption of the downtrend is substantially lower at 1.2156, May 13 low.

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