Oil bulls were counting the cost after an unexpected build in gasoline inventories spooked markets and helped encourage flight already underpinned by the gradual reduction in the risk premium. The French election race meanwhile is heating up, sending the French/German 10-year spread to a near five-year close high.
Article / 11 December 2012 at 7:21 GMT

GBPUSD - Return of demand to re-test 1.6132

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom

Yesterday saw Cable attract some profit taking above 1.6000. The resulting rally was a modest one, dominated by early price action and the highs were not maintained. Yesterday afternoon and overnight trading has seen the market consolidate beneath 1.6100 but despite this uncertainty intraday signals remain supportive. In view of this our call is Cautiously Bullish but to leave room to Buy a Dip to 1.6063. The risk is 1.6035 and the immediate target is 1.6104. A move above that level then targets last week's 1.6132 top or even 1.6176.
The risk to this call is a move below yesterday's 1.6035 open indicating that buying pressure has stalled and reversed targeting 1.6013, yesterday's bottom.


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