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GBP Remains on the Back Foot

GBP
MNI (London)
  • GBP retains a soggy feel, with GBP/USD further extending its corrective pullback away from Tuesday's post Easter high of $1.3919 to $1.3708 into European trade Friday.
  • Main drive seen via the upside correction in EUR/GBP, the cross extending its bounce from Monday's YTD posted low of Gbp0.8472, the rate breaking out the topside of its 1.0% 10-dma envelope (current Gbp0.8652) to Gbp0.8685 at the this morning's Asia open. Talk remains of real money closing of EUR funded positions for EUR demand interest, with GBP also bruised by AZ vaccine concerns and rise in violence in N.Ireland.
  • GBP/USD support at $1.3706(Mar30 low), a break of $1.3700 to expose the Mar25 low at $1.3670, the Feb05 low at $1.3663 close behind. Resistance $1.3751 ahead of $1.3795/1.3810.
  • Halifax house price data due at 0730GMT in an otherwise light UK calendar.
  • MNI Techs: GBPUSD is consolidating. The pair found resistance this week at 1.3919, on Apr 6. The failure at recent highs highlights the importance of resistance relating to the former bull channel drawn off the Nov 2, 2020 low - the channel base was cleared Mar 23. The base intersects at 1.3940 and a strong break higher is required to strengthen a bullish argument. Key support and the bear trigger is 1.3670, Mar 25 low.
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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