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GBP Retains a Buoyant Feel

GBP
MNI (London)
  • GBP/USD extended its corrective pullback off Thursday's high of $1.3746 to $1.3657 during the Europe morning Friday before it recovered into the NY session, touching a high of $1.3751.
  • Rate dropped to $1.3700 ahead of the month-end 1600GMT fix, recovered to $1.3735 then eased off to $1.3692, closing the day/week/month at $1.3708.
  • Rate recovered to $1.3721 in early Asia before it drifted off to $1.3694.
  • Rate then picked up demand, seen on EUR/GBP sales as the single currency came under pressure as market reacted to negative press reports concerning the European Commission's handling of the COVID vaccine procurement/roll out.
  • Cross was pressed down to Gbp0.8820, holding just off the YTD Jan27 low of Gbp0.8812. Move saw cable extend its recovery to $1.3753, easing to $1.3740 into Europe.
  • GBP/AUD and GBP/NZD seen as crosses of interest.
  • Resistance remains into the Jan27 YTD high of $1.3759, with an ascending resistance line coming in close behind at $1.3764. Break here to expose $1.3773(May01'18 high-see MNI Techs) ahead of $1.3800. Near-term support $1.3690/75 ahead of $1.3660/50.
  • UK Lending data, alongside final Mfg PMI, due at 0930GMT. BOE MPC announcement Thursday.
  • MNI Techs: GBPUSD traded to a fresh high of 1.3759 on Jan 27, reinforcing bullish conditions and the current uptrend the high maintains 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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