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$1.3950/60 Provides Upside Hurdle

GBP
MNI (London)
  • Reversal away from Tuesday's high of $1.4009 extended to $1.3886 into early NY Wednesday as recent risk appetite faded. However, as the NY session progressed so risk appetite emerged again which edged GBP/USD back to $1.3943, closing the day around $1.3930.
  • Rate picked up fresh demand in Asia which edged rate to $1.3950 before momentum faded and it eased back to the early Asian low of $1.3926.
  • Support $1.3926, $1.3900 ahead of $1.3886/79(Apr21 low/38.2% 1.3669-1.4009).
  • Resistance $1.3950/60, $1.3980, a break here to expose the $1.40 handle again, though expect stiff resistance between $1.4000/20.
  • GBP/USD to take direction from EUR/USD with attention on the ECB monetary policy announcement 1145GMT today. US Weekly Claims and ECB Lagarde press conference 1230GMT.
  • UK CBI Trends provides domestic interest at 1000GMT.
  • MNI Techs: GBPUSD rallied Monday and cleared resistance at 1.3919, Apr 6 high. This strengthened the S/T bullish theme and exposed the former bull channel base drawn off the Nov 2, 2020 low. The line however has so far capped recent gains - Tuesday's high was 1.4009. A break of 1.4009 is required to confirm a resumption of recent strength and open 1.4103, a retracement level. Watch support at 1.3810, Apr 19 low, a break would be bearish.
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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