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Dec 28 - 01:55 PM

GBP/USD - Brexit Deal Premium, U.S. Relief Bill Risk Get Year-End Pruning

By Randolph Donney  —  Dec 28 - 01:01 PM

  • Sterling's 1.3625/20 double-top on Brexit deal reinforced today

  • Thur's trade deal news high at 1.3620 couldn't clear the 1.3625 peak

  • Today's slide takes out Thur's 1.3495 session low as longs bail

  • Thin holiday, year-end trading adds to desire to flatten long trades

  • And the 1.3625/20 highs are by 38.2% of 2014-2020 drop at 1.3621

  • Dollar's slide also consolidating after relief bill signing nL1N2J80PQ

  • 55-DMA caught last two cable pullbacks, now at 1.3239 and rising

  • EUR/GBP up 1% at last glance, with GBP bearing the bigger deal burden

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Source:
Refinitiv IFR Research/Market Commentary

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