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GBP: Sterling Trend Indicators Pointing South

GBP
CEEMEABulletUKMarketsForeign Exchange Bullets
  • GBP is underperforming Thursday following the weaker-than-expected UK activity data, which could marginally underpin growth concerns bolstering the most recent sterling bear trend. GBPUSD briefly slipped back below 1.22 in early European trade and remains weaker ahead of the NY crossover, while EURGBP has advanced 0.3% to 0.8430 at typing.
  • For Cable, moving average studies are in a bear-mode position, highlighting a dominant bear trend. Sights are on 1.2087 next, a Fibonacci projection. Initial firm resistance moves down to 1.2414, the 20-day EMA.
  • Additionally, we highlight the latest recovery for EURGBP as undermining the recent bearish theme, suggesting scope for stronger short-term gains. Resistance for the cross is seen at 0.8463 and 0.8494, the Aug 26 high. Support at the 50-day EMA is at 0.8328.
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  • GBP is underperforming Thursday following the weaker-than-expected UK activity data, which could marginally underpin growth concerns bolstering the most recent sterling bear trend. GBPUSD briefly slipped back below 1.22 in early European trade and remains weaker ahead of the NY crossover, while EURGBP has advanced 0.3% to 0.8430 at typing.
  • For Cable, moving average studies are in a bear-mode position, highlighting a dominant bear trend. Sights are on 1.2087 next, a Fibonacci projection. Initial firm resistance moves down to 1.2414, the 20-day EMA.
  • Additionally, we highlight the latest recovery for EURGBP as undermining the recent bearish theme, suggesting scope for stronger short-term gains. Resistance for the cross is seen at 0.8463 and 0.8494, the Aug 26 high. Support at the 50-day EMA is at 0.8328.