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GBP Opens Europe With a Buoyant Feel

GBP
MNI (London)
  • GBP/USD corrective pullback away from Wednesday's posted fresh YTD high of $1.3759 extended to $1.3630 as EUR/GBP probed back above its key 10-dma(Gbp0.8884, by time currently Gbp0.8864) in suggested month-end driven flow interest.
  • GBP recovery picked up momentum in NY as risk outlook improved, GBP/USD rallied to a high of $1.3746, while EUR/GBP sank back to Gbp0.8827.
  • GBP/USD eased to $1.3722 into the close with Asia extending the downside correction to $1.3696 as risk again came under pressure, though EUR/GBP consolidated between Gbp0.8826/36.
  • GBP/USD edged back above $1.3700 ahead of Europe and seen picking up some early demand interest into the session.
  • Month-end and outlook for the fixes expected to be fairly neutral, but we await fresh calls on this. Equity markets remain a barometer for risk.
  • Light UK calendar today. Focus on US Personal Income/Spending, PCE, MNI Chicago PMI and Pending Home Sales. Traders to watch for comments concerning progress in the US COVID fiscal stimulus and COVID vaccine developments.
  • Support $1.3700/1.3695, $1.3675/55 ahead of $1.3630. Resistance $1.3746, a break to expose the YTD high at $1.3759, with resistance lines noted just above at $1.3762. Through here and $1.3773 moves into view(see MNI Techs)
  • MNI Techs: GBPUSD traded to a fresh high of 1.3759 Wednesday and despite the recent pullback, the uptrend remains intact. This week's gains maintain the bullish price sequence of higher highs and higher lows. Attention is on 1.3773 next, May 1 2018 high. Near-term firm support has been defined at 1.3520, Jan 18 low. A breach would signal scope for a deeper short-term sell-off and expose 1.3452, Jan 11 low. Initial support is at 1.3610, Jan 26.
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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