Free Trial

Buying continuation

GBP

Better buying continuation in GBP as Europe. joins the session.

  • Overnight reported shorts bailed as we broke through the important 1.4000.
  • GBP is leading gains against JPY and the EUR, up 0.78% and 0.61% respectively.
  • UK politics saw the Tories make further inroads into traditional Labour strongholds.
  • SNP failed by just 1 seat to get an outright majority. BUT, the party is expected to team up with pro-independence Greens to launch another bid for a referendum.
  • Boris also confirmed that the next stage of re-opening will go as planned on the 17th.

QUICK MNI TECH:

  • Cable resistance is now seen further out towards 1.4103 76.4% retracement of the Feb 24 - Apr 12 downleg
  • EURGBP support comes at 0.8624 Low May 5

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.