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Dec 31 - 11:55 AM

GBP/USD - Bulls Perhaps Slightly Ahead Of Themselves Short-Term

By Randolph Donney  —  Dec 31 - 09:58 AM

  • Cable off its 1.3686 new trend highs in year-end risk reduction flows

  • Spiked beyond the upper 30-day Bolli into thicket of L-T resistance

  • Pair dragged down by pullback in stocks, year-end rebalancing

  • GBP/USD positively correlated to S&Ps that have struggled since Tuesday

  • Initial support is from prior December peaks at 1.3620-25

  • Close below signals false breakout, room for mean reversion lower

  • So far, Brexit trade deal passage, dollar weakness underpin prices

  • 21- an 55-day moving averages to support on pullbacks

  • Early 2018 monthly lows and 23.6% Fibo of 2007-2020 drop key @1.3712-15

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Source:
Refinitiv IFR Research/Market Commentary

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