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Dec 30 - 03:55 PM

GBP/USD - On The Cusp Of A Breakout Toward 2018's 1.4377 High

By Randolph Donney  —  Dec 30 - 02:04 PM

  • Sterling surges back up toward Dec's 1.3625/20 pandemic peaks

  • Pound gets added boost from Brexit deal passage, vaccines nL1N2JA173

  • Eyeing monthly close above 38.2% Fibo of 2014-2020 drop at 1.3621

  • Also 23.6% & 76.4% Fibos of drops from 2007, 2018 highs at 1.3714/677

  • Would target 50% of the drop from 2014's top & 2018's high at 1.4303/377

  • Expanded English lockdowns nL8N2JA2PC so far not weakening pound

  • Cable highly correlated to S&Ps, with some key event risks next week

  • Level of disruption due to Brexit deal eyed from Jan. 1 onward

  • Jan. 5 U.S. vote for control of Senate, ISMs and NFP are also on tap


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Source:
Refinitiv IFR Research/Market Commentary

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