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Back Below $1.42 as Market Awaits UK CPI Release 0600GMT

GBP
MNI (London)
  • GBP/USD recovery stretched on to $1.4220 in European trade Wednesday with rate able to maintain a buoyant tone through the balance of the day with pullbacks finding support at $1.4180.
  • EUR/GBP move back above Gbp0.86 provided some counter to earlier GBP/USD gains.
  • Consolidation in Asia with rate contained within a range of $1.4180/1.4201 with market attention set on UK CPI release at 0600GMT (median 0.6%mm, 1.5%yy; core 1.3%yy; RPI 2.4%yy).
  • FOMC Minutes in focus at 1800GMT, though do not cover recent US NFP and CPI releases.
  • Support $1.4180, $1.4155/50, $1.4132(May18 low). Resistance $1.4200, $1.4220/23(May18 high/top 1.0% 10-dma envelope), $1.4237(2021 high Feb24), break here to expose $1.4250 ahead of the 1.618% swing target at $1.4265($1.4166-1.4006)
  • MNI Techs: GBPUSD outlook remains bullish, sights are set on the key resistance at 1.4237, Feb 24 high. Clearance of this level would strengthen a bullish case and confirm a resumption of the broader uptrend that started in March 2020. On the downside, initial firm support is unchanged at 1.4006, May 13 low.
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
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