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Hourly Pivot at $1.4150 Keeps Upside Hopes Alive

GBP
MNI (London)
  • Wednesday's early Asia spike higher in GBP, which saw GBP/USD trade up to $1.4237 (the $1.4295 out trade looks to have been cancelled), initially met support at $1.4150 on the pullback, recovered to $1.4208 into Europe before it extended the corrective pullback to $1.4082 into the 1600GMT fix.
  • Possible US corporate USD demand for month-end value and a sharp move up in UST yields aided the pullback, but as UST yields eased, and equities recovered, so GBP/USD edged back to $1.4146 into the close.
  • GBP/USD met early resistance at $1.4151 in Asia, dipped to $1.4127 on UST yield rise before recovering to $1.4170 as those yields eased. Rate currently resting on $1.4150 into Europe.
  • A light data/event calendar in the UK Thursday. Focus on UST yields, Fed speak(Bostic 1330GMT, Bullard1530GMT, Quarles 1610GMT, Williams 2000GMT) and US fiscal stimulus headlines.
  • Month-end Friday with preliminary model outlook suggesting decent demand for GBP/USD to emerge at the fixes.
  • Support $1.4150($1.4149 23.6% $1.4082-1.4170), $1.4127, $1.4115/00 ahead of $1.4082. Resistance $1.4170/78(Int.Day high/61.8% $1.4237-1.4082), $1.4200/08(76.4%/Hourly high ahead of $1.4237 Feb24).
  • Weak talk suggesting barrier interest at $1.4300, larger interest at $1.4400 (above the post Brexit high of $1.4377).
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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