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Dec 07 - 04:55 PM

GBP/USD - Brisk Recovery Despite No Brexit Deal Progress Made

By Randolph Donney  —  Dec 07 - 02:40 PM

  • Cable roars back from early dive to 12-day lows of 1.3225 from 1.3436

  • Rebounds above 1.3400 despite no progress made in talks nS8N2BX09Q

  • UK sources also says no progress, but process not closed nLUN2HR017

  • Bulls still gambling on a last minute, second deal it seems

  • But O/B daily, weekly studies warn of big drop if no deal nL1N2IN13C

  • Some bulls are also banking on dollar weakness

  • Key Fibo and Nov. 12 swing low support is at 1.3108

  • Rising 55- and 100-DMAs daily cloud top are not far below

  • Bulls need a deal to confirm last week's brief breakout above 2019's high

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Source:
Refinitiv IFR Research/Market Commentary

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