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Extends Above $1.3800. Awaits US CPI, BOE Bailey, Fed Powell

GBP
MNI (London)
  • Tuesday's break above $1.3759/60, during the Asian session, was maintained through the day, the pound taking full advantage of a softer USD which saw GBP/USD extend recovery to $1.3820 into the close.
  • USD/JPY demand into the Tokyo fix allowed for a partial USD recovery which took GBP/USD back to $1.3803, but as USD/JPY eased post fix so fresh demand emerged in GBP/USD to lift it to $1.3827.
  • GBP/USD retains a firm feel into Europe, the rate holding around $1.3820.
  • Support $1.3800, with a broken trend resistance close behind at $1.3791. A break here to expose stronger support area between $1.3760/50.
  • Resistance $1.3827, $1.3835(Apr27 2018 high), $1.3860/80.
  • A light data calendar in the UK, focus on Friday's IP, Trade and GDP.
  • Main domestic focus on BOE Bailey Mansion House speech at 1700GMT.
  • ECB Lagarde speaks at 1300GMT, with main focus on US CPI at 1330GMT and Fed Powell speaking at 1900GMT.
  • MNI Techs: GBPUSD maintains a firmer tone and traded higher Tuesday to breach recent resistance at 1.3759, Jan 27 high. These gains confirm a resumption of the underlying uptrend that has been in place since the early March 2020 reversal. 1.3804, Apr 30, 2020 high has been breached, the focus is on 1.3935 next, Apr 27, 2018 high. On the downside, firm support lies at 1.3567, Feb 4 low. A break is required to dent the current bullish theme.
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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