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GBP/USD Finds Support at $1.4100, but Recovery Efforts Struggle

GBP
MNI (London)
  • Wednesday's break back below $1.4200 during European morning trade Wednesday provided the catalyst for a deeper corrective pullback away from Tuesday's high of $1.4220, the rate touching a pre 1600BST fix low of $1.4131.
  • Rate recovered to $1.4171 in post fix trade before position adjustments emerged ahead of FOMC Minutes. Hawkish tones in the Minutes acted to boost the USD, pressed GBP/USD to an extended low of $1.4100 before closing the day around $1.4120.
  • Rate consolidated between $1.4102-21 through Asia with early Europe seeing rate sitting just under $1.2120.
  • BOE Cunliffe speaks at 0905GMT, with UK CBI Trends data due for release at 1000GMT.
  • Focus on US Weekly Jobless Claims, Phila Fed at 1230GMT.
  • Fed Kaplan speaks at 1430GMT.
  • Support $1.4100, $1.4088(61.8% 1.4006-1.4220) ahead of May17 low at $1.4074 with stronger interest seen into $1.4060/57.
  • Resistance $1.4120/25, $1.4145/50 ahead of $1.4160, stronger into $1.4175/90.
  • MNI Techs: Despite Wednesday's pullback, the GBPUSD outlook remains bullish. Cable has recently cleared a number of resistance levels, reinforcing a positive theme and sights are set on resistance at 1.4237, Feb 24 high. Clearance of this level would reinforce a bullish case and confirm a resumption of the broader uptrend from March 2020. On the downside, initial firm support is unchanged at 1.4006, May 13 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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