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GBP Firm on Brexit Trade Deal Hopes

GBP
MNI (London)
  • GBP/USD dipped to $1.3280 Tuesday through the 0800GMT fix before recovering through the day to $1.3469
  • The move gained traction as the outlook for a Brexit trade deal was boosted by an upbeat tweet from the BBC Newsnight political editor. However, optimism was seen tempered by other news outlets.
  • Rate drifted off to $1.3435 in early Asia. Fresh demand allowed it to probe to $1.3471 before momentum faded, drifting off into Europe to $1.3450.
  • UK CPI provides early data focus (median 0.6%yy/core 1.4%yy), ahead of flash PMI data set at 0930GMT. Potential market moving data releases but Brexit headlines continue to over shadow.
  • Resistance remains into $1.3480, a break to expose $1.3500(Dec03 high) ahead of recent high at $1.3539(Dec04).
  • Support currently seen at $1.3450 ahead of earlier $1.3435 low. Break here to expose $1.3400 ahead of $1.3360/50.
  • Thursday BOE MPC moving into view, no change widely expected but market to watch for any comment on negative interest rates.
  • MNI Techs: GBPUSD remains volatile but traded higher Tuesday extending the climb off Friday's low of 1.3135, Dec 11 low. The extent of recent gains suggests the pullback between Dec 4 - 11, a correction, has potentially run its course. If correct, this would signal scope for a retest and break of key resistance at 1.3539, Dec 4 high. On the downside, weakness below 1.3135 reinstates a bearish theme.
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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