Free Trial

Mild Risk-on in Asia Fades Into Europe

CABLE
MNI (London)
  • Mild risk on in Asia seen fading in Europe.
  • Cable eased off a pre NY high of $1.3075 to $1.2995 before it settled close to $1.3020 into the close.
  • Mentioned mild risk on in Asia allowed rate to edge up to $1.3045 before Europe countered the move, the rate pressed back to $1.3018 as longs squeezed, but held off its opening Asia lows of $1.3010.
  • UK CBI Sales data at 1100GMT, the more important of the two CBI releases but overshadowed by next week's US election, Brexit and COVID spread.
  • Cable support $1.3010, $1.2995/90, $1.2950/40. Resistance $1.3045/50, $1.3070/80.
  • EUR/GBP currently holds close to its 10-dma at Gbp0.9070.
  • Preliminary month-end calls suggest GBP/USD to see demand at Friday's fix (1600GMT, 1200ET).
  • MNI Techs: GBPUSD continued to retrace the Oct 21 rally Monday. Move lower likely a correction with the S/T bullish structure intact. Oct 21 climb reinforced a bullish theme, confirming a resumption of the up leg that started Sep 23. Attention on 1.3257, the former trendline support drawn off the Mar 20 low. Firm support 1.2940, Oct 21 low. The reversal trigger lies at 1.2863, Oct 14 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

To read the full story

Close

Why MNI

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.