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GBP/USD Fades Through Overnight Lows to Extend Corrective Pullback

FOREX
  • Currency markets are off to a relatively sedate start to the week, with most pairs and crosses respecting the recent ranges amid light newsflow and market signal.
  • GBP/USD faded through overnight lows ahead of the NY crossover, to touch 1.2374 and extend the corrective pullback posted Friday. 1.2345 marks the next major support which, if broken, opens the 1.0% lower 10-dma envelope at 1.2318 - a level crossing ~1.8% below recent highs. The technical indicator has held prices since mid-March - so a show below could mark a more protracted correction in the short-term.
  • The greenback is very modestly higher, with the USD Index now north of 101.75 and narrowing in on 101.9904, the 23.6% retracement of the mid-March - April downleg.
  • CAD is following the greenback higher, putting GBP/CAD lower for a third consecutive session. The cross is nearing support at 1.6519, the 50-dma last broken in early February.
  • Attention turns to upcoming US empire manufacturing for April, with speeches from ECB's Lagarde and BoE's Cunliffe also on the docket. The US earnings schedule remains a focus, with big banks and a number of large tech firms set for release this week.
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