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GBP/USD Firm, Focus on $1.3700

GBP
MNI (London)
  • GBP/USD retains a firm tone into 2021, rate extending recent gains to $1.3698 ($1.3686 2020 high posted Dec31) in Asia before it met decent headwinds into $1.3700.
  • Brexit Bill was passed with little fanfare. Deal needs to be ratified in the EU parliament.
  • UK COVID spread remains a concern, with the possibility the country could move into a stricter lockdown, but countered in part by today's roll out of the Oxford University vaccine.
  • Real money/longer term investors were noted showing GBP demand into the end of 2020 which is expected to keep rate buoyed, especially into dips.
  • Despite the Brexit trade deal announcement how the UK-EU relationship works in practice will be watched.
  • Support $1.3640/30, stronger into $1.3600. Resistance into $1.3700, a break exposes $1.3712(see MNI Techs) ahead of $1.3736(1.618% swing projection of $1.3619-1.3430) then $1.3750.
  • EZ and UK final Mfg PMI data released this morning and provides data interest.
  • MNI Techs: GBPUSD starts the year on a firm note and is holding onto last week's gains. The pair has cleared the key resistance at 1.3624, Dec 17 high. The breach of this hurdle reinforces the positive trend structure and opens 1.3712 next, the Mar 1, 2018 low. On the downside and given last month's volatile price action, 1.3135, Dec 11 low remains key trend support. Firm support lies at 1.3430, Dec 28 low and 1.3304, Dec 22 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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