NBP: Governor Says Inflation Will Stay On Target Through 2026

• RES 4: 1.3527 High Oct 1    
• RES 3: 1.3471 High Oct 17  
• RES 2: 1.3456 Intraday high
• RES 1: 1.3452 61.8% retracement of the Sep 17 - Nov 4 bear leg
• PRICE: 1.342 @ 14:41 GMT Dec 16
• SUP 1: 1.3342 Low Dec 12   
• SUP 2: 1.3284 50-day EMA
• SUP 3: 1.3180 Low Dec 2 
• SUP 4: 1.3125 Low Nov 26      

A bullish extension last week in GBPUSD confirmed a resumption of the current uptrend. Sights are on 1.3452 next (pierced), 61.8% of the Sep 17 - Nov 4 bear leg. Clearance of this hurdle would strengthen a bull theme and open 1.3527, the Oct 1 high. Initial firm support is seen at 1.3286, the 20-day EMA. A clear break of this average would highlight a bearish development and signal a possible reversal.

• RES 4: 7100.00 Round number support 
• RES 3: 7048.21 2.0% Upper Bollinger Band
• RES 2: 7014.00 High Oct 30 and the bull trigger
• RES 1: 6932.25/6988.00 High Dec 15 / 12    
• PRICE: 6864.50 @ 14:28 GMT Dec 16
• SUP 1: 6830.94 50-day EMA 
• SUP 2: 6785.50 50.0% retracement of the Nov 21 - Dec 11 rally 
• SUP 3: 6737.71 61.8% retracement of the Nov 21 - Dec 11 rally
• SUP 4: 6684.50 Low Nov 24  

A bull cycle in S&P E-Minis remains intact and the latest pullback - for now - is considered corrective. Initial support to watch is 6830.94, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement. Note that the key support and reversal trigger lies at 6583.00, the Nov 21 low. For bulls, a resumption of gains would refocus attention on the key resistance and bull trigger at 7014.00, the Oct 30 high.

• -5,000 TUH6 104-11.5, post time bid at 0929:08ET, DV01 $199,000.
• The 2y contract trades 104-11.38 last (-.25)