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Dec 27 - 11:55 PM

GBP/USD - Negative Technical Setup As Year End Approaches

By Andrew M Spencer  —  Dec 27 - 10:15 PM

  • -0.05% with the U.S. dollar a touch firmer in a low key Asian session

  • Trades near the top of a 1.2008-1.2026 range with moderate flow on D3

  • No significant long weekend news for sterling - EPL coverage leads headlines

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

  • 21 day Bollinger bands contract, negative signals maintained over Christmas

  • Sustained Dec 21 1.2171 21 DMA break bearish for 1.1634 38.2% Sep/Dec bounce

  • Well tested 1.2441, 61.8% of 2022 fall caps - still major pivotal resistance

  • 1.2005 NY low and European 1.2111 high are initial support and resistance

    For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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