By Christopher Romano — Dec 09 - 11:40 AM
Above estimate US Nov. PPI rallied US$, GBP/USD fell sharply, hit 1.2208
Downside momentum faded however as risk sentiment improved
GBP/USD buyers emerged and the pair turned positive on the session
Pair broke the Dec. 6 daily high, struck a 4-session high, hit 1.2312
Close above 1.2300, Aug. monthly high will bolsters longs' confidence
Daily, monthly RSIs rising & not overbought, upside momentum remains
61.8% Fib 1.3749-1.0327, May & June monthly highs targeted by longs
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Source:
Refinitiv IFR Research/Market Commentary