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Dec 22 - 01:55 PM

GBP/USD - Hits New December Low After UK Q3 GDP Underwhelms

By Paul Spirgel  —  Dec 22 - 01:05 PM
  • GBP$ ending NorAm -0.5% at 1.2024; NorAm range 1.2060-1.1993

  • Sterling leads major CCYs lower versus USD after UK GDP miss

  • UK inflation-recession conundrum leaves BoE w/no good choices

  • GBP$ close below 200-DMA (1.2082) opens way for test of Nov 30 low at 1.19

  • A move sub-1.1799 the 50% Fib of 1.1151-1.2446 shifts momentum to GBP bears

  • Res at 1.2053 the 10-HMA, 1.2146 Thursday high, 1.2209 the 10-DMA

  • EUR/GBP +0.28% at 0.8804, Thurs range 0.8832-0.8767; cross at Nov high after soft UK data

Source:
Refinitiv IFR Research/Market Commentary

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