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BRAZIL

Adviser To Lula Expects 2023 Spending Boost

GBPUSD

Bullish Price Sequence Intact

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Decent Flow In Schatz, Feb TYs

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USDCAD Moves Lower On Local Data

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  • RES 4: 0.8595 High Nov 5 and a key resistance
  • RES 3: 0.8574 High Nov 11
  • RES 2: 0.8544 76.4 retracement of the Nov 5 - 22 sell-off
  • RES 1: 0.8538 High Nov 30
  • PRICE: 0.8512 @ 15:54 GMT Dec 1
  • SUP 1: 0.8465 20-day EMA
  • SUP 2: 0.8411/8381 Low Nov 26 / Low Nov 22
  • SUP 3: 0.8356 Low Feb 26, 2020
  • SUP 4: 0.8339 Low Feb 25, 2020

EURGBP traded higher Tuesday, extending the recent recovery from the Nov 22 low. The bounce is still considered a correction though. Trend conditions remain bearish and the focus is on 0.8356 next, Feb 26, 2020 low. The next resistance to watch is at 0.8544, a Fibonacci retracement level. A break would suggest scope for an even stronger recovery and expose 0.8574 initially, the Nov 11 high.