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GBP: 15min Candles Isolate Intraday Resistance Ahead

GBP
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Currency markets taking the lead from Treasuries at present, with the dip back toward the daily lows in the US 10y yield helping underpin the minor gains in EUR/USD, GBP/USD, the latter of which hits a new daily high at 1.2630.

  • The 15min candle chart isolates 1.2628 as resistance, and with that level having given way, near-term focus shifts to 1.2661 - marking both the Nov21 high and the 76.4% retracement for the backtrack off the 1.2715 high.
  • US data marks the likely catalyst for price action into the close today, with US data front-loaded ahead of the US holidays that kick in from tomorrow. MNI Chicago PMI and weekly claims data are the highlights.
  • Appearances from Lombardelli and Pill of the BoE this week did little to shift market pricing - however both members did point to the hurdles ahead of a next BoE rate cut, effectively affirming the Dec meeting pricing that sees only an outside chance of a further 25bps move.
  • Worth recalling month-end models are largely signalling USD selling flow to dominate for November, with asset managers needing to rebalance after the US equity market surge across this month.
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Currency markets taking the lead from Treasuries at present, with the dip back toward the daily lows in the US 10y yield helping underpin the minor gains in EUR/USD, GBP/USD, the latter of which hits a new daily high at 1.2630.

  • The 15min candle chart isolates 1.2628 as resistance, and with that level having given way, near-term focus shifts to 1.2661 - marking both the Nov21 high and the 76.4% retracement for the backtrack off the 1.2715 high.
  • US data marks the likely catalyst for price action into the close today, with US data front-loaded ahead of the US holidays that kick in from tomorrow. MNI Chicago PMI and weekly claims data are the highlights.
  • Appearances from Lombardelli and Pill of the BoE this week did little to shift market pricing - however both members did point to the hurdles ahead of a next BoE rate cut, effectively affirming the Dec meeting pricing that sees only an outside chance of a further 25bps move.
  • Worth recalling month-end models are largely signalling USD selling flow to dominate for November, with asset managers needing to rebalance after the US equity market surge across this month.