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Position Adjustments Weigh on GBP Ahead of UK GDP

GBP
MNI (London)
  • GBP/USD's post BOE MPC recovery saw rate touch an extended high of $1.3866 Wednesday with rate slowly paring gains through Thursday and into Asia Friday to $1.3787.
  • Position adjustments ahead of this morning's (0700GMT) UK data dump, main attention on UK GDP (median 0.5%qq, 1.0%mm. UK IP/Mfg, Trade and Construction output data also due, likely prompting GBP's pullback, with weekend also approaching.
  • BOE Chief Economist Haldane reported saying in the Daily Mail that the UK a 'coiled spring' and predicts a spending boom when Covid-19 restrictions lifted. Refers to GBP250bln in accidental savings.
  • G7 FinMin and CB Governors meeting also due today.
  • Support $1.3787, ahead of $1.3759/52(Jan27 high , break out level/38.2% $1.3567-1.3866) ahead of $1.3737(Feb09 low) ahead of $1.3720/00.
  • Resistance $1.3820, stronger into $1.3850(level holds the strike for Gbp1.0bln GBP puts for today's NY cut), with recent highs at $1.3859/66 close behind. MNI Techs focus on $1.3935 Apr27 2018 high, see below.
  • MNI Techs: GBPUSD maintains a firmer tone and hit a new cycle high again this week. Continued gains confirm a resumption of the underlying uptrend that has been in place since the early March 2020 reversal. 1.3804, Apr 30, 2020 high has been breached, the focus is on 1.3935 next, Apr 27, 2018 high. On the downside, firm support lies at 1.3567, Feb 4 low. A break is required to dent the current bullish theme. Initial support is at 1.3707, the 20-day EMA.
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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