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Dec 29 - 01:55 PM

GBP/USD - Rebounds Off 21-DMA, But Dollar Recovers A Bit On Fiscal Risk

By Randolph Donney  —  Dec 29 - 12:55 PM

  • Cable's Monday, Tuesday lows by rising 21-DMA, last at 1.3436 nL1N2J90RC

  • Up to 1.3523 on early dollar drop amid U.S. fiscal stimulus hopes

  • But S&P's slip on rebals and then on stimulus checks angst nW1N2II00R

  • Keeps cable rebound in check, along with UK COVID concerns nL8N2J924K

  • May be further restrictions announced on Wednesday nS8N2HX03E

  • EU governments approve Brexit trade deal nL8N2J925O, UK next nL8N2J92J0

  • GBP/USD's positive correlation to S&Ps puts focus on any year-end pullbacks

  • Cable bulls eye close above 38.2% of 2014-2020 drop at 1.3621, 1.3625 peak

  • The 76.4% Fibo of the 2018-2020 drop at 1.3677 is the gateway to 1.4377

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Source:
Refinitiv IFR Research/Market Commentary

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