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GBP/USD Headwinds into $1.4100. Market Awaits UK CPI.

GBP
MNI (London)
  • GBP took a knock Tuesday as EUR/GBP was driven from a low of Gbp0.8583 through its key 10-dma(current Gbp0.8599) to Gbp0.8628 before it closed around Gbp0.8610.
  • This pressure on GBP saw GBP/USD pressed through $1.4070 support to a low of $1.4034, the mentioned support at $1.4035/30 able to contain before GBP recovered to $1.4095, settling around $1.4085 into the close.
  • Early focus on UK CPI (0600GMT), median 0.3%mm, 1.8%yy; core 1.5%yy.
  • UK ONS House Price Index 0830GMT.
  • Main focus on this evening's FOMC/Fed Powell press conference 1800GMT/1830GMT with taper talk and dot plot in the spotlight.
  • GBP/USD resistance $1.4095/1.4105, break here to open a move toward $1.4130 ahead of $1.4150. Support $1.4070 ahead of $1.4035/30.
  • MNI Techs: GBPUSD conditions deteriorated Tuesday, with prices testing the 50-day EMA at 1.4041. A clear break of the EMA would expose the May 13 low of 1.4006. From a trend perspective, the outlook is bullish. The probe on Jun 1 of 1.4237, Feb 24 high reinforced a bullish theme however a clear break is required to confirm a resumption of the trend. This would open 1.4315, April 18 2018 high. Weakness below 1.4006 would signal a S/T reversal instead.
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
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