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GBP Retains a Soggy Feel into Month-End

GBP
MNI (London)
  • GBP/USD managed to touch a high of $1.3940 in early Europe Monday (in what looked to be interest into the 0800BST fix) before it resumed its corrective pullback off last Wednesday's high of $1.4001.
  • Rate was pressed to a low of $1.3871 before closing the day at $1.3883.
  • Fresh downside pressure emerged in Asia as rate traded down to $1.3859, moving into the suggested support area between $1.3865/30 ($1.3838 76.4% $1.3787-1.4001) with recovery efforts meeting resistance around $1.3870.
  • Break and clear of $1.3870 to expose $1.3886, ahead of $1.3900, $1.3920 then $1.3940/50. Support remains at $1.3860/30 ahead of $1.3800.
  • Month-end plays providing drive ahead of Friday's key US NFP release, with its possible effects on the US taper timetable.
  • UK Nationwide House prices at 0600GMT, Lending data at 0830GMT.
  • BOE Hauser speaks at 1600GMT.
  • MNI Techs: GBPUSD is pulling away from recent highs. The outlook is bearish following recent weakness that resulted in the break of S/T support levels at the 50-day EMA and 1.4006, May 13 low. The pair is once below the 100-DMA, reinforcing current bearish conditions. Scope is seen for an extension lower towards 1.3717, Apr 14 low. On the upside, initial firm resistance is seen at 1.4003, the 50-day EMA. The bear trigger is 1.3787, Jun 21 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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