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Bullish Extension Through $1.3759

GBP
MNI (London)
  • GBP/USD recovery off its pre BOE MPC low of $1.3567(Feb04) managed to break and clear above interim resistance at $1.3740 in NY Monday with Asia taking over the baton to take the rate through the recent highs at $1.3758/59 to a fresh YTD high of $1.3788.
  • BOE MPC's less dovish than expected announcement has provided the GBP with a fresh upside impetus, leaving the pound in a good position to take advantage of the generally weaker USD(market reacting to reflation discussions with focus on fiscal stimulus headlines).
  • Support $1.3760/55, $1.3737/36 (Int.Day low/23.6% $1.3567-1.3788), $1.3720, $1.3700. Resistance $1.3788 (Int.Day high, rising trend resistance off Jan04 high) ahead of $1.3804(see MNI Techs below) then $1.3825.
  • A light data calendar in the UK Tuesday.
  • MNI Techs: GBPUSD is firmer and has traded higher today breaching recent resistance at 1.3759, Jan 27 high. The break higher confirms a resumption of the underlying uptrend that has been in place since the early March 2020 reversal. The focus is on 1.3804 next, Apr 30, 2020 high. On the downside, firm support lies at 1.3567, Feb 4 low. A break is required to dent the current bullish theme.
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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