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Free AccessMNI: PBOC Net Drains CNY216 Bln via OMO Monday
Fast Approaching Key Support At 1.3135
- RES 4: 1.3677 76.4% retracement of the 2017 - 2020 downtrend
- RES 3: 1.3624 High Dec 17
- RES 2: 1.3503 High Dec 21
- RES 1: 1.3379 20-day EMA
- PRICE: 1.3316 @ 15:54 GMT Dec 21
- SUP 1: 1.3188 Low Dec 21
- SUP 2: 1.3135 Low Dec 11 and key support
- SUP 3: 1.3106 Low Nov 12
- SUP 4: 1.3079 Trendline support drawn off the Sep 23 low
GBPUSD traded sharply lower Monday as the USD strengthens and Brexit related matters weigh on sentiment. The sharp sell-off from last week's 1.3264 high on Dec 17 brings into focus key support at 1.3135, Dec 11 low. A break of this level would undermine the recent uptrend and signal scope for a deeper pullback. The pair is likely to remain volatile, initial resistance is seen at 1.3379, the 20-day EMA.
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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.