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$1.4111/90 Range Break Needed For Next Direction

GBP
MNI (London)
  • GBP/USD corrective pullback away from Monday's recovery high of $1.4190 was given an added shove lower through the 0800BST fix before posting a low of $1.4121. Rate recovered through the 1600BST fix to $1.4164 before closing back toward $1.4150.
  • Rate marked a low of $1.4146 in early Asia before it managed to extend its recovery to $1.4169 before settling back toward $1.4150 into Europe.
  • Asia recorded a generally slow session with focus switching to Thursday's US CPI release (taper talk now seen data dependent) , as well as the ECB monetary policy announcement.
  • Rate now seen within a range of $1.4111 to $1.4185/90, a break of either side to provide some directional impetus. Interim support noted at $1.4121, a break of $1.4111 to open a deeper move toward $1.4100 ahead of $1.4083. Above $1.4185/90 to expose $1.4200/10, a break here to open a move toward the YTD high at $1.4248(Jun01).
  • EUR/GBP continues to cling to its 10-dma (current Gbp0.8601) leaving GBP/USD to track EUR/USD moves.
  • MNI Techs: GBPUSD is still trading sideways and in a range below last week's 1.4248 high from Jun 1. Trend conditions are bullish. The probe last week of former resistance at 1.4237, Feb 24 high reinforces this bullish theme however a clear break is required to confirm a resumption of the uptrend. This would open 1.4315 next, April 18, 2018 high. On the downside, initial firm support is at 1.4083, the Jun 4 low. A break would expose the 50-day EMA at 1.4024.
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 BulletsHomepage

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