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RRP usage rebounds to $5.931B with 9 counterparties this afternoon from $4.102B Friday. Compares to $3,516B on Tuesday, Oct 13 (lowest level since early April 2021) & this year's high usage of $460.731B on June 30.

A short-term bear condition in GBPUSD remains intact and for now, the latest recovery appears corrective. However, the pair is holding on to its latest gains and note that price has pierced resistance at the 50-day EMA, at 1.3450. A clear break of this average would highlight a stronger reversal and expose resistance at 1.3527, the Oct 1 high and pivot level. Clearance of this hurdle would be bullish. Key support and the bear trigger is 1.3249, the Oct 14 low.