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Brexit Headlines Remain in Focus For Direction

MNI (London)
  • Cable tracked EUR/USD's stronger recovery Monday, the rate pushed to a high of $1.3025 but struggled to hold above $1.3000.
  • Rate eased in post fix/NY afternoon trade to $1.2937, closing the day at $1.2946.
  • Cable consolidated Monday afternoon's losses, trade through Asia contained by $1.2935-58.
  • Failure to keep in step with EUR/USD's stronger tone allowed EUR/GBP to edge back above its key 10-dma(current Gbp0.9075), which if holds turns outlook bullish, with the top of the 1.0% 10-dma envelope, currently coming through at Gbp0.9166, exposed.
  • Brexit talks continued Monday, Barnier tweeting that the EU remains available to intensify talks this week. UK has acknowledged EU's proposal to intensify talks but said there is no basis to resume talks unless there is a fundamental change in the EU approach.
  • MNI Techs: GBPUSD remains below the Oct 12 high of 1.3083. A break is needed to resume the recent uptrend that would open 1.3000 and 1.3198. A break of 1.3198 required to strengthen a bullish theme. Firm near-term support lies at 1.2846.
  • Brexit negotiations, COVID-spread/measures continue to dictate sterling direction.
  • BOE Vlighe speaks at 1030BST
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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