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GBP Strength Persists as Markets Endorse Path Out of Lockdown

FOREX

GBP's impressive performance over the past fortnight extended further in overnight Asia-Pac trade, with GBP/USD striking a new cycle high up at $1.4098. This shifts technical targets higher, with $1.4167 the longer-term target - a key retracement of the 2016 high - 2020 low.

Focus turns to the semi-annual testimony from Fed's Powell later today, with the Fed chair appearing in front of the Senate Banking Committee at 1500GMT onwards. The Bank of Canada governor is also due to speak.

Alongside GBP strength, the USD also trades well but is still uncomfortably close to the near-term support for the USD index at 90.05. US Treasury yields are more stable relative to yesterday's open, although weakness in equities persists. The e-mini S&P is at new weekly lows, opening a gap of over 100 points with last week's all time highs.

On the data front, US consumer confidence crosses, seen showing a modest improvement from the prior reading.

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