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Continues to Meet Resistance Into $1.3400

GBP
MNI (London)
  • GBP taking advantage of the general pressure on the USD as opening Asian trade allowed for a retest of the recent high of $1.3398(Nov23).
  • However, resistance into $1.3400 kept pressure at bay with correction away finding a base at $1.3384.
  • Pressure on the USD continues into Europe, EUR/USD able to eventually move through $1.1930, which sees GBP/USD back pressuring that mentioned high.
  • Thin conditions with the US closed allows suggested stop levels to be targeted. A break of $1.3400 opens potential toward $1.3420/25 ahead of $1.3439(1.618% swing $1.3312-1.3106) with the YTD at $1.3482(Sep1) lurking in the background.
  • Support $1.3384, $1.3370, $1.3350, $1.3325/20, $1.3300.
  • EUR/GBP rejection away from its challenge on its 10-dma Wednesday also seen keeping GBP positive tone in place.
  • Data light calendar for the UK Thursday. Focus remains on Brexit trade negotiation headlines(if any).
  • MNI Techs: GBPUSD erased early weakness to turn higher into the London close on Wednesday. This price action retains the bullish tone and a break of Monday's high at 1.3398 would confirm a resumption of the current uptrend to pave the way for a climb towards key resistance at 1.3482, Sep 1 high. On the downside, initial firm support is seen at 1.3196, low Nov 19. A break is required to dent the bullish mood and risk a deeper corrective sell-off.
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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