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GBP: GBP/USD Under Pressure Through NY Crossover as Yields See Support

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The grind higher in US Treasury yields at the NY crossover is adding extra weight to GBP/USD, which has been ebbing lower slowly, but surely, over the European morning. The revision lower for Q3 GDP (down to flat for Q3) won't be helping, but the decline has been largely USD-led.

  • The fade in the pair is still well clear of the Friday low, however prices are now back below the 1.2533 support - the 23.6% retracement for the post-Fed slip lower in the pair. Support seen more significant into 1.2476.
  • EUR/GBP gains have put the cross back above the 0.83 handle. The overnight high at 0.8315 is just a few pips shy of the 0.8319 50-dma, which marks first resistance having been tested and containing prices on three occasions over the past week or so.
  • US data is the sole event risk today - while building permits are unlikely to shake prices, prelim durable goods data for November could prove consequential, as well as the consumer confidence print for December.
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The grind higher in US Treasury yields at the NY crossover is adding extra weight to GBP/USD, which has been ebbing lower slowly, but surely, over the European morning. The revision lower for Q3 GDP (down to flat for Q3) won't be helping, but the decline has been largely USD-led.

  • The fade in the pair is still well clear of the Friday low, however prices are now back below the 1.2533 support - the 23.6% retracement for the post-Fed slip lower in the pair. Support seen more significant into 1.2476.
  • EUR/GBP gains have put the cross back above the 0.83 handle. The overnight high at 0.8315 is just a few pips shy of the 0.8319 50-dma, which marks first resistance having been tested and containing prices on three occasions over the past week or so.
  • US data is the sole event risk today - while building permits are unlikely to shake prices, prelim durable goods data for November could prove consequential, as well as the consumer confidence print for December.