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Dec 07 - 08:55 AM

GBP/USD - Runs Into Resistance At 50% Retracement Level

By Rob Howard  —  Dec 07 - 06:45 AM
  • Cable met headwind at 1.2187 after rallying off 1.2109 (early London low)

  • 1.2187 was 50% retracement of 1.2266 (Tuesday's high) to 1.2109

  • Tuesday's high was notched on mooted 1600 GMT Ldn fix-related buying of GBP

  • 1.2345 was Monday's 24-week high (20 cents above September's historic low)

  • Auction of inflation-linked gilts gets strongest demand since March 2021

  • See: nL8N32X28B. Terminal confusion on BoE interest rates nL8N32V4OJ

Source:
Refinitiv IFR Research/Market Commentary

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