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NI Protocol and Fresh COVID Rise Weigh on GBP

GBP
MNI (London)
  • BOE Haldane hawkish comments Wednesday allowed GBP/USD to push up to $1.4189 but GBP struggled to hold those gains with attention switching to the UK/EU trade spat over the NI protocol (US Biden in the UK for G7 with the Irish border one of his pet concerns) and warnings that current COVID infection spike may be the start of a third wave putting June21 restriction lift at risk.
  • GBP/USD eased to $1.4110 (meeting support around $1.4111, 76.4% of Friday's $1.4083-1.4200 recovery), closing the day at $1.4118.
  • Recovery managed to nudge to $1.4125 before reversing, eased through Wednesday's low to $1.4105, holding heavy into Europe.
  • The move below $1.4111, is sustained moves $1.4083 into focus, a break here to open a deeper move toward $1.4050 ahead of $1.4030/20.
  • Resistance remains at $1.4189/1.4200, a break of $1.4210 to expose $1.4248.
  • BOE Haldane (hawk) 1205GMT Consequences of Technological Change.
  • Main focus on ECB MonPol announcement 1145GMT, ECB Lagarde Press conference and US CPI 1230GMT.
  • MNI Techs: GBPUSD is still trading in a range below 1.4248, Jun 1 high. Trend conditions are bullish. The probe last week of former resistance at 1.4237, Feb 24 high reinforces this bullish theme however a clear break is required to confirm a resumption of the uptrend. This would open 1.4315 next, April 18 2018 high. On the downside, initial firm support is at 1.4083, Jun 4 low. A break would expose the 50-day EMA at 1.4028 and 1.4006, May 13 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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