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Free AccessMNI Credit Weekly: The Tail That Wags the Dog
GBP/USD Consolidates Close to Pullback Lows but GBP Retains Firm Feel
- Corrective pullback away from Tuesday's high of $1.3952 extended to a low of $1.3830 through Wednesday's 1600GMT fix, recovered post fix to $1.3866 ahead of the close.
- Early Asia extended this recovery to $1.3877(38.2% $1.3952-1.3830) before momentum faded and rate drifted off to $1.3840 into Europe.
- Support $1.3830 ahead of $1.3818(76.4% 1.3776-1.3952) and $1.3805(38.2% 1.3567-1.3952). A break of $1.3800 to expose the Feb12 low at $1.3776.
- Resistance remains at $1.3877, stronger between $1.3890/1.3905(50%-61.8% $1.3952-1.3830) . $1.3923(76.4%) stands in the way of a retest on $1.3952.
- Despite GBP/USD pullback the GBP retains a generally firm feel with EUR/GBP holding below its key 10-dma (current Gbp0.8740).
- UST yields, US fiscal stimulus headlines and Fed speak remain key drivers.
- BOE Saunders speaks at 1100GMT.
- US Weekly Jobless Claims, Housing Stats/Building Permits and Phila Fed at 1330GMT.
- MNI Techs: GBPUSD remains below Tuesday's high of $1.3952. Dips are considered corrective with the pair maintaining a bullish tone following the recent resumption of the uptrend. Moving average studies are in a bull mode too and this reinforces current conditions. The focus is on $1.3998 next, Apr 26, 2018 high. On the downside, firm near-term support lies at $1.3776, Feb 12 low. A break would dent the current sentiment.
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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.