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GBP Buoyant Ahead of UK Data Dump

GBP
MNI (London)
  • GBP retained an underlying buoyant tone through Thursday trade. This outlook continued through Asia though rate slowly drifted lower through the session on position adjustment ahead of the 0700GMT UK data dump.
  • GBP/USD eased from its Thursday Europe high of $1.3680 to $1.3621 into NY before it recovered through $1.3704 to post a fresh YTD high of $1.3710 as market reacted to dovish comments from Fed's Powell. Rate eased to $1.3670, bounced to $1.3702 before closing the day at $1.3689.
  • Rate touched a high of $1.3698 ahead of President elect Biden's speech. However, contents were already in the market and therefore no major surprises and GBP/USD drifted off to $1.3658 into Europe.
  • Early focus on release of the Nov monthly GDP, IP/Mfg Production, Trade and Construction Output. The Nov GDP doesn't cover current lockdown. Median expectation for a fall of 4.6%mm vs previous flat read.
  • Support seen between $1.3620/00, $1.3580, $1.3550. Resistance $1.3700/10, $1.3750, $1.3773(see MNI Techs).
  • EUR/GBP holds around the base of its 1.0% 10-dma envelope, currently at Gbp0.8884.
  • MNI Techs: GBPUSD is trading closer to recent highs following Tuesday's strong gains and yesterday probed resistance at 1.3704, the Jan 4 high and a bull trigger. A clear breach of this hurdle would confirm a resumption of the current uptrend and open 1.3773, the May 1, 2018 high. Key short-term support has been defined at 1.3452, Jan11 low. A break would signal a near-term reversal. 1.3564 marks initial support, the 20-day EMA.
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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