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Dec 22 - 05:55 PM

GBP/USD - Has Best Day Since September As Spec Shorts Squeezed By Risk-Rebound

By Randolph Donney  —  Dec 22 - 02:27 PM

  • GBP/USD surged to it's highest since Thur's 1.33755 BoE rate hike day high

  • Rise in spec shorts to most since '19 before Thur now being cut and squeezed

  • Prices set to close above the kijun/50% Fibo at 1.1338, 61.8% is at 1.3379

  • Wednesday's 1.3362 high was just beyond the upper 21-day Bolli

  • Rising stocks, gilt-Treasury yield spreads supportive

  • Rebound comes after repeated failed attempts to break key Fibos nL1N2T71I6

  • Weekly RSIs coming off oversold also offer support

  • A close above 1.3400 is needed to target the weekly tenkan at 1.3495

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Refinitiv IFR Research/Market Commentary


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