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Dec 01 - 11:55 PM

GBP/USD - Key Resistance Held Into Pivotal U.S. Jobs

By Andrew M Spencer  —  Dec 01 - 10:20 PM

  • Off 0.2% near the base of a 1.2231-1.2274 range, profit taking on firmer USD

  • Moderate interest on D3, but heavy EUR/GBP flow in a tight 0.8583-91 range

  • U.S. payrolls - poll suggests +200k, data suggests risk is for lower number

  • Charts; daily momentum studies rise, 5, 10 & 21 day moving averages climb

  • 21 day Bollinger bands contract - positive setup while 1.1860 21 DMA holds

  • 1.2291, the well tested August high held on the close, but vulnerable

  • Sustained 1.2300 break would target a test of 1.2441, 61.8% 2022 fall

  • 1.2042 10 DMA, a recent base on the close, is initial major support

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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