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$1.3783 Seen Key For Upside Extension

GBP
MNI (London)
  • 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.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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