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$1.3312 Again Thwarts Upside Progress. Market Awaits Definite Brexit Progress.

GBP
MNI (London)
  • GBP/USD broke above $1.3300 in early NY Wednesday but upside progress was again thwarted at recent high of $1.3312(Nov11)
  • Rate reversed as risk lost recent shine on reports of COVID spread,.
  • GBP/USD eased to $1.3265 ahead of the close.
  • Risk remained under pressure into Asia which in turn provided further lift for the USD which eased cable to a low of $1.3224.
  • Recovery efforts were capped below $1.3240 but underlying tone remains buoyant with hopes that a break through on current Brexit trade negotiations could be seen early next week(press).
  • Reports suggest UK and Canada are close to a post-Brexit trade agreement, though no market reaction noted.
  • Market waiting for something definite rather than speculative to provide sterling upside escape velocity.
  • Times reports Europe leaders will demand the European Commission publish no-deal plans due to frustration on negotiation progress.
  • Support noted into $1.3220, $1.3200-1.3190. Resistance $1.3312/20, $1.3340/50.
  • CBI Trends released at 1100GMT.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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