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GBP/USD Soft but Showing Some Resilience

GBP
MNI (London)
  • Reaction to Fed Powell's appearance Thursday saw UST yields push higher which in turn provided a general boost for the USD. Risk was also bruised by the sell off in equities. Reaction prompted as Powell did little to push back against the recent rise in UST yields.
  • GBP/USD was knocked down to $1.3880, from its post fix high of $1.4017, the rate holding below $1.3900 into the close.
  • Early Tokyo helped to extend this move as USD/JPY was pushed above Y108.00, the USD move taking GBP/USD to a low of $1.3867 before buyers emerged to edge it up to $1.3907.
  • Rate struggled to maintain a toe hold above the figure and eased to the $1.3880 area into Europe.
  • EUR/GBP holds below Gbp0.8620(and its key 10-dma at Gbp0.8638) and seen providing some buoyancy for GBP/USD.
  • GBP/USD support $1.3867, $1.3859 ahead of $1.3850/40 and $1.3823(61.8% $1,.3567-1.4237). Resistance $1.3907/20, $1.3950, $1.3990/1.4000.
  • Main focus on US Employment Report at 1330GMT with further effect on UST yields to drive markets.
  • BOE MPC Haskel (dove) speaks at 1400GMT.
  • MNI Techs: Cable continues to trade within its most recent range. The pair remains vulnerable though following the pullback from $1.4237, Feb 24 high. Price is again below the 20-day EMA and a clear breach of the average would signal scope for a move towards $1.3823, a retracement level, and the key near-term support at $1.3776, Feb 12 low. Initial resistance is at $1.4029, Feb 26 high. Trend support is $1.3702, the bull channel base drawn off the Nov 2, 2020 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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