Free Trial

Hugs Key 10-dma(Gbp0.8973)

MNI (London)
  • Cross seen holding a tight range around its technically key 10-dma, currently at Gbp0.8973 with USD plays providing main market interest.
  • Sterling overall is trading with an underlying buoyant tone linked to raised hopes for a Brexit trade deal, the Sun earlier suggesting that UK negotiator Frost has informed PM Johnson that a deal could be achieved by next Tuesday, though with caveats.
  • While the cross holds around its 10-dma is seen awaiting fresh directional impetus. A move away to the topside to expose the top of its 1.0% 10-dma envelope, currently coming through at Gbp0.9063. A break away to the downside exposes the base of the envelope at Gbp0.8884, with stronger support lower down into Gbp0.8860.
  • BOE Bailey speaks at 1115GMT, not at 1400GMT as earlier mentioned in calendars(and repeated in earlier bullets). BOE Dep Gov Ramsden speaks at 1700GMT.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.