GBPUSD TECHS: Monitoring Resistance

• RES 4: 1.3527 High Oct 1    
• RES 3: 1.3471 High Oct 17  
• RES 2: 1.3457 High Dec 22
• RES 1: 1.3452 61.8% retracement of the Sep 17 - Nov 4 bear leg
• PRICE: 1.3450 @ 15:27 GMT Dec 22
• SUP 1: 1.3312 Low Dec 17
• SUP 2: 1.3300 50-day EMA
• SUP 3: 1.3180 Low Dec 2 
• SUP 4: 1.3125 Low Nov 26      

The trend condition in GBPUSD remains bullish and for now, short-term pullbacks are considered corrective. A fresh cycle high today reinforces the bull theme. Attention is on 1.3452 (pierced), 61.8% of the Sep 17 - Nov 4 bear leg. A clear breach of this hurdle would strengthen a bull theme and open 1.3527, the Oct 1 high. Initial firm support is 1.3300, the 50-day EMA. Clearance of this average would highlight a possible reversal.

RRP usage slips to $1.523B with 7 counterparties this afternoon vs. Friday's $3.047B. Compares to December 12 low of $0.838B (lowest level since mid-March 2021); this years highest excess liquidity measure: $460.731B on June 30.

• US Data/Speaker Calendar (prior, estimate). All times ET
• 12/23 0815 ADP Weekly NER Pulse (16.25k, --)
• 12/23 0830 GDP Price Index (2.1%, 2.7%)
• 12/23 0830 GDP Annualized QoQ (3.8%, 3.2%)
• 12/23 0830 Durable Goods Orders (0.5%, -1.5%), ex-trans (0.6%, 0.3%)
• 12/23 0830 Philadelphia Fed Non-Mfg Activity (-16.3, --)
• 12/23 0855 Redbook Retail Sales 
• 12/23 0915 Industrial Production (0.1%, 0.1%), Capacity-U (75.9%, 75.9%)
• 12/23 1000 Richmond Fed Mfg Index (-15, -10)
• 12/23 1000 Conf Board Consumer Confidence (88.7, 91.0)
• 12/23 1130 US Tsy $75B 6W & $50B 52W bill auctions
• 12/23 1300 US Tsy $28B 2Y FRN (91282CPG0) & $70B 5Y Note (91282CPR6) auctions
• Source: Bloomberg Finance L.P. / MNI