Free Trial

It's all about the Pound

  • Its all about the Pound this morning given the BoE debacle yesterday.
  • New lows across the board for the GBP against JPY, USD, EUR.
  • The pound is in the red across G10.
  • In terms of technical for the currency, GBPJPY next immediate support is now seen at 15.733.
  • Cable is through yesterday's low at 1.3471.
  • Further downside traction, opens to 1.3423 2.0% 10-dma env
  • Next resistance in EURGBP is seen at 0.8598 76.4% retracement of the Sep 29 - Oct 26 sell-off
  • Surprisingly, USD is seeing some buying and that's despite the lower US yields and the Risk On tone, so some divergence/dislocation here.
  • The USD is up against all majors, beside the Yen and the SEK.
  • Most of the attention turns to the BoE speakers, with Pills Ramsden and Tenreyro.
  • On the data front, sees the US NFP, but given the spillovers over from the UK, short term focus is on the speakers

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.