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Dec 31 - 11:55 AM

GBP/USD's 2021 Going Out With A Bang After Major December Bottom

By Randolph Donney  —  Dec 31 - 10:16 AM

  • GBP/USD's up 1.1% this week and 2.44% from Dec's major base lows

  • Massive short squeeze underway from 1.31615 to current 1.3527 Fri high

  • Prices at highest since Nov. 10 and eyeing huge hurdles at 1.3570-80

  • 21-WMA, 23.6%, 38.2% & 50% Fibos and July lows in the 1.3570-80 range

  • Dec's key 1.31615 base by 38.2% & 50% Fibo's of 2020-21 rises and 200-WMA

  • Daily RSI getting O/B, but weeklies only surging into midrange

  • 21-d Bollis bullishly expanding, 21-w Bollis contracting w 21-WMA 1st target

  • Support now from 55-DMA at 1.3451 that caught Thur's lows

  • Year-end dampening risk-taking, stocks, may delay a run at 1.3570-80

  • Risk sensitive sterling supported by UK Omicron study nL9N2RV00N

  • But stocks, sterling will eventually need cases to peak from records

For more click on FXBUZ


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Source:
Refinitiv IFR Research/Market Commentary

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