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Daily Market Analysis 12/11/2021: GBPUSD

Instrument: GBPUSD

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 1.34162 with take profit at 1.34274.
Bearish Preference: 
Sell position is envisaged if price trades below 1.33758 with take profit at 1.33641.
Fundamentals:
4pm USD JOLTS Job Openings
USD Prelim UoM Consumers Sentiments

Comment: The pair found some support near mid-1.3300s and staged a modest rebound from the lowest level since December 2020 touched earlier this Friday, snapping three days of the losing streak. The US dollar witnessed some profit-taking after hitting 16-month tops, which, in turn, was seen as a key factor that extended some support to the GBP/USD pair. That said, any meaningful recovery still seems elusive and the attempted recovery move runs the risk of fizzling out rather quickly.

Analysis: SCRUM Team

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