GBP/USD buyers remain in control above the 1.3155 level. The level to beat for bulls is the 1.3183 resistance. GBP/USD daily chart The market is pressuring seven-month highs, challenging levels last seen in early May 2019. In the New York session, the market is challenging the session's highs. GBP/USD four-hour chart GBP/USD is advancing above the main SMAs. For the fourth consecutive session, buyers are trying to break beyond the 1.3183 resistance, which would open the doors to further gains towards the 1.3203 and 1.3244 resistances, according to the Technical Confluences Indicator. GBP/USD 30-minute chart The spot is evolving above the main SMAs, confirming the bullish momentum in the short term. Support is seen at the 1.3155 level. However, a daily close below the 1.3121/07 zone could lead to a deeper retracement towards the 1.3025 level. Additional key levels

Analysts at TD Securities point out that China’s November aggregate financing and new loans came in above expectation, rising to CNY 1,750bn and CNY 1390bn, respectively, from CNY 618bn and CNY 661bn, previously. Key Quotes “M2 money supply increased by a smaller than expected 8.2% y/y, from 8.4% previously. The data are encouraging and suggest some opening of the credit taps in November. Indeed following October's disappointment when loans dropped to their lowest level in almost two years, the bounce back will come as a relief. However, given weakness in the manufacturing sector and sharp decline in industrial profits, demand for loans is unlikely to pick up significantly in the months ahead despite incremental policy easing and efforts by the authorities to push lenders to increase loans.”

The US' and China's trade negotiators are planning to delay the US tariff hike on Chinese imports that is scheduled to go into effect on December 15th, the Wall Street Journal reported on Tuesday, citing sources familiar with talks. The USD/JPY pair spiked to a daily high of 108.76 on this headline and was last seen trading at 108.65, adding 0.1% on the day. Additionally, the 10-year US Treasury bond yield erased almost all of its daily losses in the last minutes to reveal the improving market sentiment. Reporting on the issue, "the Office of the U.S. Trade Representative did not immediately respond to a request to comment, while a White House spokesman declined to comment," CNBC said.

Unit Labor Costs in US rose less than expected in Q3. US Dollar Index continues to move sideways above 97.50. Unit Labor Costs in the nonfarm business sector in the United States increased by 2.5% in the third quarter of 2019, the data published by the US Bureau of Labor Statistics showed on Tuesday. This reading followed the 3.6% increase registered in the second quarter and came in below the market expectation of +3.3%. Further details of the publication revealed that Nonfarm Labor Productivity decreased by 0.2% in the third quarter. These data were largely ignored by the US Dollar Index, which was last down 0.09% on the day at 97.56.

Nikkei 225 Index fell for second straight day on Tuesday. US-China trade conflict continues to weigh on global equity indexes. After closing the first day of the week with a loss of 0.3%, the Nikkei 225 Index pushed lower on Tuesday as caution over the December 15 deadline for the US' tariff hike on Chinese imports continues to weigh on sentiment. During an interview with Fox Business on Tuesday, US Commerce Secretary Wilbur Ross noted that having a good deal for the US was more important than the tariff hike. Reflecting the dismal mood, major European equity indexes are losing more than 1% and the S&P 500 futures are down 0.3% to suggest that Wall Street is likely to start the day in the negative territory. Nikkei 225 Chart Looking at the daily chart, the index seems to be making lower highs below the 23,600-23,650 area, where the 2019-top that was defined back in early November is located. On the same chart, the RSI indicator continues to move sideways a little above the 5..

In view of analysts at TD Securities, while the headlines scream of rising inflation in China, the underlying inflation picture is extremely subdued. Key Quotes “China November CPI rose 4.5% y/y (mkt 4.3%, TD 4.4%), its highest reading since January 2012. The main contributor continues to be food (19.1% y/y) and in particular pork prices (110.2% y/y).” “The rise in pork also helped to push other meat prices higher, with for example beef prices up 22.2% y/y. However, stripping out food, CPI rose a benign 1.0%, with some areas in deflation including durable goods, transport, auto fuels and communication equipment. This was also reflected in PPI which fell 1.4% y/y.” “As such the CPI data will have little bearing on monetary policy, with PBoC likely to continue in its incremental easing path. There may also be some good news in terms of pork prices, with some moderation likely in the month ahead.”

Gold gains positive traction for the second consecutive session on Tuesday. Trade uncertainty continues to benefit the commodity’s safe-haven demand. Further gains are likely to remain capped ahead of the FOMC policy update. Gold added to the previous session's modest gains and gained some follow-through traction for the second consecutive session on Tuesday amid persistent trade uncertainties. The intraday uptick lifted the pair beyond the overnight swing high, a resistance marked by 23.6% Fibonacci of the $1484-$1459 recent slide from the vicinity of 100-day SMA. A subsequent move beyond 200-hour SMA might be seen as a key trigger for intraday bullish traders and support prospects for additional gains amid reviving safe-haven demand. Some follow-through buying beyond 38.2% Fibo. level, around the $1469-70 region, will reinforce the constructive outlook and pave the way for additional recovery for the metal. Meanwhile, technical indicators on the 4-hourly chart have again ..