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Dec 22 - 10:55 PM

GBP/USD - Shade Higher, Supported By A Slightly Softer USD

By Andrew M Spencer  —  Dec 22 - 10:10 PM

  • +0.1%, at the top of a 1.2020-1.2052 range with light D3 interest- USD -0.1%

  • UK car output +5.7% in November, but lags pre-pandemic levels nP8N2ZO035

  • Car production is 44.1% below the pre-pandemic 5-year average for the month

  • Charts; neutral daily momentum studies, 5, 10 & 21 day moving averages crest

  • 21 day Bollinger bands flat line - negative setup after 6 days of lower lows

  • Wednesday's close below 1.2174 21 DMA bearish for 1.1634 38.2% Sep/Dec rise

  • Well tested 1.2441, 61.8% of 2022 fall capped uptrend - pivotal resistance

  • Asian 1.2020 low and 1.2146 London high are initial support and resistance

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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