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Dec 06 - 10:55 PM

GBP/USD - Shows Resilience, But Signals Still Point Lower

By Andrew M Spencer  —  Dec 06 - 10:09 PM

  • +0.15% at the top of a 1.3257-1.3274 range with occasional decent flow

  • UK consumers embrace Black Friday discounts, sales +5% on 2020 nS8N2RN03J

  • Supply chain concerns suggest consumers may be shopping early for Christmas

  • Charts; 5, 10 & 21 DMAs track lower, 21 day Bollinger bands contract

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

  • Sterling shows resilience above 1.3166, but signals remain negative

  • Close above 1.3367 falling 21 day moving average needed to end downtrend

  • 1.3232 NY low supports, 1.3292 10 DMA which has capped, resistance

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gbp 2 Dec 7 Click here

Source:
Refinitiv IFR Research/Market Commentary

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