MNI: Canada Apr-Sept Budget Deficit Widens On Spending

CANADA'S TRUDEAU: I CONTINUE TO HAVE GOOD TALKS WITH TRUMP

MNI BRIEF: Little Macro Difference On Rate Oprions- de Guindos

MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

CANADA Q3 GDP ANNUALIZED +1.0% AS EXPECTED ON GOVT, CONSUMERS

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

GBP Shows Strong Resilience, EURGBP Plumbs Fresh Year-to-Date Lows

GBP
  • Despite the greenback’s moderate strength on Friday, GBP has remained stubbornly bid to finish the week with cable consolidating yesterday’s breakout to the topside. GBPUSD made a break of key resistance at 1.2545 and the continued progress points to a stronger signal of a bottoming out of prices. 1.2592 is next up, a Fibonacci retracement which has capped the topside in today’s session with 1.2680 remaining the key topside level.
  • Perhaps more interesting is the cross, with EURGBP declining for four consecutive sessions and continuing to press to new YTD lows into the Friday close. The primary trend direction remains down, highlighted by a bearish price sequence of lower lows and lower highs.
  • Furthermore, moving average studies also highlight a bearish condition - the 50-dma recently crossed below the 200-dma, confirming a death cross signal. The focus is on 0.8547 – which has been pierced - the Dec 1 2022 low and a key support. Below here, 0.8522 the Aug 30 2022 low comes into play before key medium term support at 0.8340.
  • UK employment data and GDP are scheduled for next week, both preceding the Fed and ECB decisions. UK CPI and the bank of England June decision fall on June 21/22 respectively.
BulletMarketsForeign Exchange BulletsHomepage
BulletMarketsForeign Exchange BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.