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Dec 23 - 11:55 AM

GBP/USD - Recovers From Post-GDP Dip Sub-1.20 On Pre-Holiday Profit-Taking

By Paul Spirgel  —  Dec 23 - 09:40 AM
  • GBP$ hovers near flat at 1.2035 in early NorAm, Friday range 1.2090-20

  • Profit-taking boosts GBP$ off Thurs soft UK GDP, firm US GDP low sub-1.20

  • Reduced holiday liquidity adds to vol, shorts covered ahead of long weekend

  • Res at Fri high, 30-DMA by 1.2090, then 10-DMA 1.2189, Dec 19 high 1.2242

  • Support at Fri low 1.2020, lower 30-hr Bolli 1.2002 and Thursday low 1.1993

  • Sterling likely to remain under pressure vs USD, other majors as UK recession seen deepening

Source:
Refinitiv IFR Research/Market Commentary

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