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GBP Eases Off Highs, Awaits UK Employment/Earnings at 0700GMT

GBP
MNI (London)
  • Monday's release of PM Johnson's road map out of COVID restrictions provided GBP with a further boost, took cable outside of its 4-month bull channel at $1.4071 to $1.4086, but this line continues to have influence, currently at $1.4081.
  • Rate eased to $1.4058 before closing at $1.4065.
  • Asia edged rate back to an eventual high of $1.4084 before it was knocked back to $1.4064 ahead of the European open in a move seen as position adjustment with UK Employment/Earnings data due for release at 0700GMT.
  • Resistance remains between $1.4080/85 with near term swing targets noted close above at $1.4096(1.618% swing proj. 1.4052-1.3981) ahead of $1.4103 (1.618% swing proj. 1.4086-58). Support $1.4060/50 ahead of $1.4035/20.
  • Interesting to note that EUR/GBP achieved its swing target at Gbp0.8633 where it met support with mild recovery providing some counter to GBP/USD gains.
  • Month end approaching with chance we see US corporate USD demand emerge for Friday value(Wednesday), though month-end models report that GBP/USD could see decent demand emerge at the Friday fixes.
  • CBI Reported Sales due at 1100GMT. US Housing data at 1400GMT with main focus on Fed Powell at 1500GMT.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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