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GBPUSD Market Update

12/1/2022 12:40 PM

The GBP/USD pair demonstrates neutral dynamics amid the depreciation of the American currency and a break in the publication of macroeconomic statistics, trading around 1.2088.

Investors are still debating tax incentives proposed by Rishi Sunak's government and have drawn attention to a new tax on energy revenues that, if approved in the House of Commons on second reading, could virtually wipe out all small oil exploration companies in the North Sea. In particular, a fee of 75.0% is provided for windfall profits, including income from developing new small deposits. The cluster companies account for about 70.0% of all production in the North Sea; if they are forced to leave the market, this could result in serious losses for the UK economy.

The US labor market continues to slow down, and employment in the non-farm sector in November fell to 127.0K from 239.0K a month earlier, which could be affected by a decrease in the number of open vacancies in the JOLTS labor market to 10.334M from 10.687M. Against this background, investors practically ignored the Q3 gross domestic product (GDP) data, which marked an increase of 2.9%, slightly exceeding the previous value of 2.6%.

The trading instrument moves within the local ascending channel on the daily chart, holding near the resistance line.

Technical indicators maintain a buy signal: the range of fluctuations of the EMA on the Alligator indicator is expanding, and the histogram of the AO oscillator is forming rising bars in the buying zone.

Resistance levels: 1.2180, 1.2650. | Support levels: 1.1940, 1.1490.

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