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GBP/USD Remains Firm Into Europe. UK Data Looms Friday.

GBP
MNI (London)
  • GBP/USD continued to build on its post BOE MPC recovery Wednesday, the rate rising to an extended high of $1.3866 in NY (off the pre MPC low of $1.3567).
  • Loss of upside momentum saw rate drift off to $1.3828, closing the day at $1.3836.
  • The corrective pullback continued in an early, holiday thinned, Asian session, the rate touching a low of $1.3821 before fresh demand emerged ( general pressure on the USD) which took it up to $1.3852.
  • Rate has eased off to $1.3842 into Europe but early buyers emerge.
  • Soft US CPI and dovish Fed Powell to keep pressure on the USD.
  • A light UK calendar Thursday (focus on Friday data, UK IP, Trade and GDP). Today's focus on US Weekly Jobless Claims at 1330GMT.
  • BOE Bailey hit out at the EU in last night's Mansion House speech, saying Brussels demands were far higher for a post Brexit financial services agreement than those negotiated with other financial centres.
  • Support $1.3820/00, $1.3795(23.6% £1.3567-1.3866) ahead of $1.3759. Resistance $1.3866, $1.3880 ahead of $1.3900, $1.3935(Apr27 2018 high-MNI Techs).
  • MNI Techs: GBPUSD maintains a firmer tone and hit a new cycle high again yesterday. Continued gains confirm a resumption of the underlying uptrend that has been in place since the early March 2020 reversal. 1.3804, Apr 30, 2020 high has been breached, the focus is on 1.3935 next, Apr 27, 2018 high. On the downside, firm support lies at 1.3567, Feb 4 low. A break is required to dent the current bullish theme. Initial support is at 1.3695, the 20-day EMA.
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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