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Dec 09 - 08:55 PM

GBP/USD - 1.3160 Break Beckons, As Omicron Restrictions Weigh

By Andrew M Spencer  —  Dec 09 - 07:09 PM

  • Steady - closed +0.15% with an inside day, but resilient to USD strength

  • UK finance firms implement 'challenging' new COVID-19 rules nL8N2SU5AK

  • New Omicron led restrictions will dampen activity over the holiday period

  • Charts; 5, 10 & 21 day moving averages fall, 21 day Bollinger bands expand

  • Close above 1.3334 falling 21 day moving average needed to end downtrend

  • Bearish setup targets a break of 1.3166, 38.2% of the 2020-2021 rise

  • 1.3160 break targets 1.2830/50, Nov 2020 range support and 50% 2020-21 rise

  • NY afternoon 1.3185 low and 1.3256 10 DMA are initial support and resistance

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GBP dec 10 Click here

Source:
Refinitiv IFR Research/Market Commentary

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