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Dec 09 - 01:55 PM

GBP/USD - Shallow Dips Keep Shorts On Defense

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

  • For more click on FXBUZ






Source:
Refinitiv IFR Research/Market Commentary

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