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Edging Back Toward $1.3900

GBP
MNI (London)
  • GBP managed to play partial catch up on EUR/USD's stronger recovery, GBP/USD edging above $1.39 to $1.3929 in early Europe before the USD performed a general recovery into NY.
  • EUR/GBP off recovery highs of Gbp0.8720 but remains above its key technical 10-dma, currently coming through at Gbp0.8668.
  • Rate eased to $1.3866 before recovering through the NY afternoon to $1.3908, closing the day at $1.3900.
  • USD/JPY demand in Tokyo led to another recovery phase for the USD, eased GBP/USD down to $1.3875 before USD/JPY eased post BOJ which allowed GBP/USD to nudge back to $1.3897 into Europe.
  • UK vaccine roll out has led to improved economic recovery outlook but with PM Johnson facing political problems (Scottish election also approaching) is seen countering GBP gains.
  • Support $1.3865/50($1.3864-49 61.8%-76.4% $1.3824-1.3929) ahead of $1.3836/24.
  • Resistance $1.3902, $1.3929, $1.3938(61.8% 1.4009-1.3824), $1.3950/65.
  • UK CBI Retail Sales at 1000GMT provides data interest in an otherwise thin calendar. Focus on Wednesday's FOMC.
  • MNI Techs: GBPUSD is unchanged. The pair traded lower last week following a failure at 1.4009, Apr 20 high. This pullback means that recent gains stalled at the former bull channel base drawn off the Nov 2, 2020 low. A break of 1.4009 is required to reinstate a bullish theme. This would open 1.4103, a Fibonacci retracement. Short-term support has been defined at 1.3824, Apr 22 low. The key bear trigger lies at 1.3669, Apr 12 low.
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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