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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.
MNI - Market News/Bloomberg