GBPUSD TECHS: Trading Below Resistance At The 50-Day EMA

• RES 4: 1.2874 High Nov 12  
• RES 3: 1.2811 High Dec 6 and key resistance    
• RES 2: 1.2734 50-day EMA 
• RES 1: 1.2622 20-day EMA 
• PRICE: 1.2510 @ 16:06 GMT Dec 30
• SUP 1: 1.2476 Low Dec 20
• SUP 2: 1.2446 Low May 9
• SUP 3. 1.2400 Round number support
• SUP 4: 1.2367 76.4% retracement of the Oct 4 ‘23 - Sep 26 uptrend   

The trend structure in GBPUSD remains bearish and short-term gains are considered corrective. Key support at 1.2487, the Nov 22 low, was pierced on Dec 20. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high. 

RRP usage recedes to $260.743B this afternoon from $268.739B last Friday. Compares to $98.356B on Friday, December 20 - the lowest level since mid-April 2021. The number of counterparties recedes to 57 from 63 prior.

• US TSY 42D AUCTION: HIGH RATE 4.270%; 13.25% AT HIGH
• US TSY 42D BILL AUCTION: DEALERS TAKE 23.87% OF COMPETITIVES
• US TSY 42D BILL AUCTION: DIRECTS TAKE 3.75% OF COMPETITIVES
• US TSY 42D BILL AUCTION: INDIRECTS TAKE 72.39% OF COMPETITIVES
• US TSY 42D AUCTION: BID/COVER 2.93