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Breaks $1.3665, Exposes $1.3700/10

GBP
MNI (London)
  • Renewed risk appetite has enabled GBP/USD to extend its recovery off Monday's low of $1.3520, traded to a high of $1.3637 into Tuesday's close, aided in part by Janet Yellen's confirmation hearing, no major suprises, supported Biden's stimulus package size.
  • Move was seen in tandem with EUR/USD which allowed EUR/GBP to ease back below Gbp0.8900, holding in the bottom half of its key technical 1.0% 10-dma envelope.
  • Asia picked up on the risk theme and applied added pressure on the USD. GBP/USD met resistance on the approach to $1.3660 but early Europe has lifted it above, trading to $1.3669 at writing.
  • Early focus on UK CPI/RPIat 0700GMT, CPI median 0.2%mm, 0.5%yy; core 1.3%yy.
  • Move above $1.3665(76.4% $1.3710-1.3520), if holds, exposes the area of recent highs at $1.3700/10. Support $1.3628, $1.3600, $1.3585/75.
  • Afternoon focus on US Biden's inaugural speech at 1700GMT, BOE Bailey speaking at same time (takes questions from Citizens' Panel
  • MNI Techs: GBPUSD has recovered from Monday's low of 1.3520 and near-term support at 1.3505, Jan 12 low remains intact. A breach would signal scope for a deeper short-term sell-off and expose a key support at 1.3452, Jan 11 low. From a trend perspective, the outlook remains bullish. A clear breach of 1.3710/12 would confirm a resumption of the current uptrend, maintain the bullish price sequence of higher highs and higher lows and open 1.3773, May 1, 2018 high.
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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