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GBP Retains Firm Feel

GBP
MNI (London)
  • GBP recovery Tuesday picked up momentum as market reacted to BOE Gov. Bailey comments that were seen pushing back on any thoughts of imminent move to negative rates, Bailey noting that negative rates are controversial and come with a lot of issues.
  • An easing in Fed taper talk also fuelled GBP/USD rise through the NY session, with recent USD recovery/correction fading.
  • GBP/USD extended its recovery off Monday's low of $1.3452 before meeting resistance at $1.3670 ahead of Tuesday's close.
  • Rate marked a low of $1.3659 at the Asia open before the recovery extended further to $1.3693 with market turning focus on the Jan04 high of $1.3704.
  • A light data calendar in the UK Wednesday. Fed speakers include Bullard(non-voter, dove) 1430GMT, Brainard(dove)1800GMT, Harker(non-voter, hawk) 1900GMT, Clarida(dove) 2000GMT.
  • Support $1.3659, $1.3636(23.6% $1.3452-1.3693) ahead of $1.3601(38.2%), $1.3573(50%). Resistance seen into $1.3700 ahead of $1.3704. A break to expose $1.3720/30 ahead of $1.3750 and $1.3773(see MNI Techs).
  • MNI Techs: GBPUSD bounced well yesterday after a weak Monday session, rallying to touch 1.3670 on the rebound. The pair has also edged higher overnight. The move retains the underlying bullish condition and attention is on 1.3704, the Jan 4 high and the bull trigger. A breach of this level would confirm a resumption of the current uptrend and open 1.3773, the May 1, 2018 high. Key short-term support has been refined at 1.3452, Jan11 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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