MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Bearish Trend Sequence

GBPUSD TECHS
  • RES 4: 1.2803 High Mar 21
  • RES 3: 1.2709 High Apr 09
  • RES 2: 1.2542/1.2607 20-and 50-day EMA values
  • RES 1: 1.2468 High Apr 19
  • PRICE: 1.2314 @ 13:10 BST Apr 22
  • SUP 1: 1.2309 Intraday low
  • SUP 2: 1.2266 Low Nov 14 ‘23
  • SUP 3: 1.2239 76.4% retracement of the Oct 4 - Mar 8 bull leg
  • SUP 4: 1.2187 Low Low Nov 10

The trend condition in GBPUSD remains bearish and last week’s extension reinforces current conditions. Moving average studies are in a bear-mode set-up and the break lower in price maintains the downward price sequence of lower lows and lower highs, reinforcing a bearish theme. 1.2364, 61.8% of the Oct 4 - Mar 8 bull leg, has been breached and this opens 1.2266, the Nov 14 2023 low. Initial firm resistance is seen at 1.2542, the 20-day EMA.

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