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GBP/USD Breaks And Holds Above $1.3312 on Brexit Hopes

GBP
MNI (London)
  • Sterling boosted in Asia on the back of continued Brexit trade optimism, with thinner conditions (Tokyo holiday) leaving the recent high of $1.3312 exposed.
  • Triggered buys on break saw rate push to an initial high of $1.3327 with corrective pullback holding above $1.3312.
  • Fresh demand into Europe allowed rate to edge on to $1.3332 before backing off to $1.3319.
  • UK and Canada agreed to keep their current trading conditions post-Brexit and enter talks on a broader deal.
  • UK Chancellor set to announce a boost to spending on public services Wednesday.
  • Telegraph reported that UK regulators could give a green light for the Pfizer Covid-19 vaccine within a week. In a separate piece, the Telegraph reported that UK PM Johnson is set to reach out to European Commission Pres von der Leyen in a bid to "clear away the final barriers to a deal which both sides now believe is well within reach", albeit the article pointed to familiar sticking points.
  • Support $1.3312, $1.3300, $1.3280, $1.3250. Resistance $1.3332, $1.3350, $1.3384(1.618% swing proj. 1.3312-1.3196).
  • UK flash PMI's at 0930GMT provide the domestic data interest. BOE Haldane speaks at 0930GMT, with BOE Bailey, Haldane, Tenreyro, Saunders at TSC 1530GMT.
  • MNI Techs: Move higher confirms an extension of the bullish condition that has dominated since Sep 23. This has opened 1.3357, Sep 3 high and the 1.3400 handle. Moving average studies remain in bull mode reinforcing current conditions. Support is seen at 1.3196, Nov 19 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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