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GBP/USD Off Highs Ahead of UK Data Dump, Monthly GDP in Focus

GBP
MNI (London)
  • GBP/USD continued its steady recovery, off the Mar05 low of $1.3779, through Thursday's session, the rate pushing to an eventual high of $1.3995 ahead of the close.
  • Rate edged to an extended high of $1.4005 in early Tokyo before USD short covering emerged to ease it back to $1.3973.
  • A sharp rise in UST yields ahead of the European open added further weight to ease rate to $1.3945, prompting some position adjustments ahead of the UK data dump at 0700GMT.
  • UK Monthly GDP, IP/Mfg, Trade and Construction Output due for release at 0700GMT. GDP for January the main focus due to further COVID related lockdown measures and new UK/EU trade relationship in this month. Market median -4.9%mm. BOE/GfK Inflation outlook 0930GMT.
  • Support $1.3947, $1.3919(Mar11 low), $1.3900. Resistance $1.4005/08(intraday high/50% $1.4237-1.3779) ahead of $1.4017(Mar04 high), $1.4029(Feb26 high) and $1.4062(61.8%).
  • MNI Techs: GBPUSD gains extended Thursday as the pair corrects recent weakness. The outlook remains bearish though following the move lower between Feb 24 - Mar 5. A resumption of weakness would open 1.3779, Mar 5 low ahead of a key bull channel support at 1.3749. The channel is drawn off the Nov 2, 2020 low and a break would represent an important short-term reversal. Firm resistance is 1.4017, Mar 4 high.
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 Bullets

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