Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will probably NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.

The pound is testing support across all major pairs amid fresh Brexit uncertainty. PM Boris Johnson will introduce new legislation to block any extension of the Brexit transition period beyond end-2020, which means a hard Brexit is still a real possibility.

In the meantime, crude is on the way to the next ceiling on the charts below on the back of some US inventory drawdowns, analyst upgrades, and some undeserved optimism for a US-China trade deal.

Expect trading volumes to dry up even further when markets open on Monday ahead of the Christmas and New Year holiday season.