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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GBP
GBP/SGD slid through its 50-DMA after charting a Doji candlestick at the beginning of this week. That moving average was closely watched after the rate failed to stage a convincing breach it last month. However, the latest downleg has been limited by trendline support and the rate has edged away from lows this morning.
- A clean break below the aforementioned trendline support/23.6% retracement of the Jun 29, 2020 - Mar 12, 2021 rally at SGD1.8387/75 would turn that trendline into a neckline of a head and shoulders top pattern, bringing the 100-DMA at SGD1.8247 into view.
- On the flip side, a rebound above Apr 5 high of SGD1.8669 would restore bulls' hope for the resumption of a broader uptrend, shifting focus to Mar 12 high of SGD1.8772, followed by Apr 17, 2018 high of SGD1.8816.
Fig. 1: GBP/SGD
MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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