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Cable Moderately Lower, Maintains Broader Uptrend

GBP
  • GBPUSD has extended session lows in recent trade, falling 0.35% on Monday. GBP now joins the Japanese Yen and the Chinese Yuan as the worst performing majors to start the week.
  • Despite a portion of Friday’s strong advance now being eroded, the trend outlook in GBPUSD remains bullish and Friday’s gains reinforced this theme. The pair traded higher to breach resistance at 1.2546, the Apr 14 high and bull trigger. This confirms a resumption of the uptrend and opens 1.2599, the Jun 7 2022 high. Above here, we have 1.2667, the May 27 2022 high.
  • Support to watch is at the 20-day EMA, at 1.2438 of which a clear break is required to suggest scope for a deeper correction.
  • A very light week for domestic data with final PMI’s the highlight. This should leave sterling at the mercy of broader global developments with both the FOMC and ECB decisions this week, as well as US employment data.
  • For the cross, Friday’s move lower undermines the recent bullish theme and instead highlights a developing bearish threat. A continuation lower would pave the way for a test of support at 0.8719, the Mar 15 low and a key level.
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