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Consolidation Mode But Remains Bearish


Fails To Hold Onto Thursday’s High


'Big Tech' Bill Goes To Senate


Oil Up For Fifth Week On Supply Disruption, Geopolitics

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  • GBP/RUB has taken a leg lower today after four tests of dynamic support from the 50dma at 97.845 as risks surrounding ‘Plan B’ restrictions hit UK markets.
  • Geopolitical risks, combined with oil weakness and broad-based risk off pushed the cross +6.33% higher from the 11 Nov lows to peak at 101.0554 on 26 Nov, which corresponds with the crescendo in geopolitical tensions over Ukraine.
  • RUB has been gaining ground against most G10 currencies since then as Ukraine risks dissipate and US-Russia talks become more constructive.
  • Moreover, support from market expectations for further CBR hikes has continued to bolster the currency against late hikers
  • Next major Support stands at 96.6784, 95.522 & 95.0418