SCHATZ TECHS: (H6) Berish Outlook

• RES 4: 1.3661 High Sep 18    
• RES 3: 1.3607 2.764 proj of the Nov 4 - 13 - 20 price swing 
• RES 2: 1.3557 76.4% retracement of the Sep 17 - Nov 4 bear leg
• RES 1: 1.3534 Intraday high
• PRICE: 1.3513 @ 06:29 GMT Dec 30
• SUP 1: 1.3456 High Dec 16
• SUP 2: 1.3403/3343 20- and 50-day EMA values
• SUP 3: 1.3288 Low Dec 9 
• SUP 4: 1.3180 Low Dec 2     

The trend condition in GBPUSD remains bullish and recent gains reinforce current conditions. The latest pause appears to be a flag formation - a bullish continuation pattern. Note that moving average studies have recently crossed and are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.3557, a Fibonacci retracement. Firm support lies at 1.3343, the 50-day EMA.

Social logistic spending in China reached CNY331.2 trillion in the first eleven months, representing an increase of 5.0% y/y, Jiemian.com reported citing data by China Federation of Logistics and Purchasing. The total value of goods and services transported by business and consumers rose by 5.8% y/y, with the rapid growth of instant retail and live-streaming e-commerce driving a boom in emerging consumer logistics. 

• RES 4: 116.770 High Dec 3 and key resistance       
• RES 3: 116.580 High Dec 5  
• RES 2: 116.320 High Dec 8    
• RES 1: 116.256/260 20-day EMA / High Dec 29   
• PRICE: 116.200 @ 05:50 GMT Dec 30 
• SUP 1: 115.990/720 Low Dec 29 / 10 and the bear trigger 
• SUP 2: 115.660.4.000 proj of the Nov 6 - 14 - 26 price swing  
• SUP 3: 115.600 Round number support
• SUP 4: 115.573 4.236 proj of the Nov 6 - 14 - 26 price swing

The trend set-up in Bobl futures is unchanged, the condition remains bearish and short-term gains are considered corrective. A resumption of weakness would signal scope for an extension towards 115.660 next, a Fibonacci projection. Note that the trend is oversold, a stronger recovery would allow this set-up to unwind. Key resistance is seen at 116.770, the Dec 3 high. Initial firm resistance to watch is at the 20-day EMA, at 116.256.