NY Federal Reserve/MNI
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$16.5B total to price Tuesday:
The trend condition in GBPUSD remains bearish despite Tuesday’s bounce, with last week’s extension plus Monday’s move lower reinforcing the current condition. Moving average studies are in a bear-mode set-up and the break lower in price maintains the downward price sequence of lower lows and lower highs, reinforcing a bearish theme. Sights are on 1.2266, the Nov 14 2023 low. Initial firm resistance is seen at 1.2524, the 20-day EMA.
NY Federal Reserve/MNI