US: GOP Support For Action In Venezuela Rises But Overall Support Remains Low

• RES 4: 1.3471 High Oct 17   
• RES 3: 1.3452 50.0% retracement of the Sep 17 - Nov 4 bear leg 
• RES 2: 1.3416 High Oct 21
• RES 1: 1.3385 High Dec 04
• PRICE: 1.3314 @ 16:31 GMT Dec 8
• SUP 1: 1.3264 50-day EMA   
• SUP 2: 1.3226 20-day EMA
• SUP 3: 1.3180/25 Low Dec 2 / Low Nov 26 
• SUP 4: 1.3038/10 Low Nov 20 / Low Nov 4 & 5 and the bear trigger       

A bull theme in GBPUSD remains intact and the pair is holding on to its recent gains. The breach of  resistance around the 50-day EMA, at 1.3264, undermines a recent bearish theme and highlights a stronger reversal. This paves the way for an extension towards 1.3452, a Fibonacci retracement point. Initial firm support is seen at 1.3226, the 20-day EMA. A move below this average would be a bearish development.  

RRP usage inches up to $1.703B with 6 counterparties this afternoon from $1.485B Friday. Compares to Tuesday November 18: $0.905B - lowest level since mid-March 2021; this years highest excess liquidity measure: $460.731B on June 30.

Date $MM Issuer (Priced *, Launch #)

12/08 $1.25B #BNP Paribas PerpNC8 6.875%
12/08 $750M Level 3 Financing 10NC5 8.5%a 
12/08 $600M #Guardian Life 5Y +65
12/08 $500M #Equitable America Global Funding 3Y +70