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GBP Off Highs But Retains Buoyant Feel

GBP
MNI (London)
  • GBP/USD extended to $1.3701(off Monday's low of $1.3452) in European morning trade Wednesday before the USD began to meet demand on the recovery in UST yields.
  • However, the corrective pullback in GBP/USD trailed EUR/USD, allowing EUR/GBP to move back below Gbp0.8900, the cross touching Gbp0.8884, before correcting in NY to Gbp0.8926, closing the day at Gbp0.8915.
  • GBP/USD was pressed to $1.3612, recovery effort capped at $1.3652, closing at $1.3647.
  • Early Asia edged rate to $1.3655 before the USD gained a boost, the market reacting to a CNN report suggesting US Pres.Elect Biden could announce a COVID relief package to the tune of around $2tln(Biden speaks at 0715ET, size of support to drive USD direction via inflation outlook/UST yields).
  • GBP/USD settled around $1.3635 through to the European open.
  • A light UK data calendar Thursday, focus on Friday monthly GDP, Trade and IP.
  • US Weekly Jobless Claims in view with more Fed speakers to be watched.
  • GBP/USD support $1.3600, $1.3580, $1.3550. Resistance $1.3655, $1.3700/10.
  • MNI Techs: GBPUSD is trading closer to recent highs following Tuesday's strong gains. The move higher retains the underlying bullish condition and attention is on 1.3704, the Jan 4 high and the bull trigger. A breach of this level 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.
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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