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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.
GBP
- We noted that yesterday’s EURGBP weakness was considered technically corrective, and today’s firm bounce sees the pair swiftly narrowing the gap with key resistance at 0.8721, the Jun 15 high. The level represents an important bull trigger which has seen multiple tests dating back to April 2021.
- Clearance of this hurdle would confirm a resumption of the bull cycle that started early March and open 0.8811, a Fibonacci projection.
- The renewed greenback bid as equities trade heavily is also weighing on cable which is once again making headway below 1.15, gravitating back towards the cycle lows of 1.1406.
- Both cable and the cross should be heavily in focus ahead of the Fed and BoE decisions next week.
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.
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