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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free Access$1.3783 Seen Key For Upside Extension
- BOE MPC Haldane announcement Tuesday that he would be leaving the MPC after the June MPC saw GBP knocked back, GBP/USD dropped to $1.3695 before it picked up fresh demand into the dip as the USD remained under general risk appetite pressure.
- GBP/USD managed to claw back to $1.3758 ahead of the close.
- Asia kept up the pressure on the USD, risk given an added boost by a good 10yr auction in the US, which took GBP/USD on to $1.3782 but rate noticeably remained shy of the $1.3783 Apr08 high. A break here needed to boost upside potential, with resistance noted into $1.3800 ahead of $1.3824(61.8% 1.3919-1.3669).
- Whilst rate holds below seen keeping the GBP on the defensive. Support $1.3749 ahead of $1.3695 and stronger $1.3670/69.
- EUR/GBP continues to hold within its 1.0% 10-dma envelope but reflects the softer show in GBP as it is seen tracking close the topside (current Gbp0.8699). 10-dma Gbp0.8613.
- Halifax House Prices 0830GMT. BOE Haskel (dove) speaks at 1430GMT.
- EZ IP 0900GMT, ECB Lagarde 1400GMT, Fed Powell 1600GMT, Fed Clarida 1900GMT seen as outside key events.
- MNI Techs: GBPUSD is marginally firmer. The pair however maintains a softer tone. Firm resistance is unchanged at 1.3919, Apr 6 high. Note, a former bull channel drawn off the Nov 2, 2020 low also highlights a key resistance at 1.3968. Clearance of 1.3919 and 1.3968 is required to strengthen a bullish argument. Attention is on key support 1.3670, Mar 25 low. A clean break would resume the 1- month downtrend and open 1.3641, a Fibonacci retracement.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.