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GBP/USD: US Election Keeps USD in the Driving Seat.

FOREX
MNI (London)
  • Extended Tuesday's recovery to $1.3140 in early Asian trade as rate took direction from Biden US election win forecasts.
  • As results began to come through the 'Blue Wave' poll predictions began to fade and USD reversed tack, dropped cable to $1.2935.
  • Rate settled back around $1.3000 through to the Europe open.
  • Focus remains on the election outcome with race seen very close to call. Betting has Trump favoured as next president but Biden outlook remains positive.
  • Rate trades below $1.3000 in early European trade. Trump threatening legal moves to dispute result should he lose which is prompting risk aversion. Currently around $1.2945.
  • UK Final Svcs/Comp PMI data due at 0930GMT, usually a key sterling driver but overshadowed by US election.
  • Same for Brexit, positive noises, Barnier to update EU on progress.
  • Support $1.2935, $1.2900/1.2890, $1.2855/50. Resistance $1.3020, $1.3050, $1.3080.
  • EUR/GBP holds below its 10-dma(Gbp0.9027), seen providing buoyancy for GBP.
  • MNI Techs: The outlook remains bearish following last week's extension lower. However a move below key near-term support at 1.2855, Nov 2 low is required to reinforce bearish conditions. This would pave the way for a move towards 1.2676, Sep 23 low. On the upside, clearance of key resistance at 1.3177, Oct 21 high would reinstate a bullish theme.
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
Energy BulletsCommodities

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