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GBP has stuck to tight ranges in the.......>

STERLING: GBP has stuck to tight ranges in the main with cable last at 1.3910 &
EURGBP just shy of 0.8830, although GBPJPY has fallen afoul of broader JPY
- Brexit remains front & centre on the agenda, with more cabinet discord
dominating the overnight press after BoE chief economist Haldane sounded a
little more hawkish (again) on Tuesday. 
- In GBPUSD the failure to retake $1.4162 sees the 21-DMA @ 1.4032 now capping.
Daily studies are well placed for a fresh leg lower. Bulls now need a close >
$1.4086 to gain breathing room & > $1.4162 to confirm focus on 2018 highs and
the key 200-WMA ($1.4344) lurking above.
- In EURGBP hesitation ahead of the 200-DMA @ 0.8878 provides the impetus for a
break of 21 (0.8818) & 55 (0.8832) DMAs. Bears now look for a close < 0.8776 to
confirm focus on 0.8647-85 where the bear channel base & 2018 low are noted.
- Traders await Thursday's second estimate of Q4 GDP, with little scope seen for
any notable deviations in the headline, it is exp. that the breakdown will
garner the most attention.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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