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GBP Opens Europe With a Firm Feel

GBP
MNI (London)
  • GBP/USD extended its 2021 corrective pullback, off its Jan04 high of $1.3704, to $1.3452 yesterday as the USD continued its corrective phase.
  • Rate recovered through the 1600GMT fix, edging onto $1.3535 during the NY afternoon before closing the day around $1.3517.
  • EUR/GBP also reflected this GBP recovery as the cross eased back below its key 10-dma(Gbp0.9007, current Gbp0.8996), closing the day below Gbp0.9000.
  • Asia maintained the move back above $1.35, trade through the session contained within $1.3505/31 before it picked up a stronger bid tone ahead of Europe which lifted it to $1.3550 at writing. Move driven by EUR/GBP sales as the cross was pressed down to Gbp0.8970, holding heavy at writing.
  • Support into $1.3500, $1.3480/75, stronger into $1.3450 and $1.3430(see MNI Techs). Resistance $1.3550, $1.3580, stronger $1.3600/10.
  • A light UK data calendar Tuesday(focus on Friday's data dump including monthly GDP). BOE Broadbent to speak at 1000GMT.
  • MNI Techs: GBPUSD traded lower Monday and well below recent highs. The pair yesterday breached the 20-day EMA and this signals scope for a deeper short-term pullback. Note, a move lower is likely a correction with underlying bullish trend conditions still intact. Attention is on support at 1.3430, Dec 28 low and 1.3393, the 50-day EMA. On the upside, price needs to trade above Friday's 1.3636 high to refocus attention on last week's high of 1.3704.
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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