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GBP Consolidates Strong Rally Following 1.40 Breakout

FOREX
  • GBPUSD extended gains today to confirm a break of the 1.4000 handle, surging 1.2% to trade at 1.4150. Following the build up of a cluster of daily highs and constant rejection of the psychological level on a closing basis, GBPUSD shot higher on the open and never looked back.
  • Contributing fundamental factors include:
    • UK politics seeing the Tories make further inroads into traditional Labour strongholds
    • Prime minister Johnson also confirmed that the next stage of re-opening will go as planned on the 17th, following last week's headline that two thirds of UK adults have received a first vaccination.
  • A close above 1.4141 will represent the highest daily close since April 2018. The move higher negates the recent bearish focus and resumes a technical bullish theme with attention turning to 1.4237 High Feb 24 and a key resistance.
  • USDCAD (-0.45%) continued its most recent descent, trading below 1.21 for the first time since September 2017.
  • Elsewhere G10 currencies were confined to tighter ranges with the US dollar index retreating by just 0.1%. The Commodity complex sharply reversed lower during the US session, prompting AUD, NZD and EUR to all trade off their best levels, but the quick moves were unable to ignite any meaningful dollar strength.
Energy BulletsCommodities
Energy BulletsCommodities

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