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Recovery Falters Ahead of $1.3759 YTD High

GBP
MNI (London)
  • GBP/USD extended its recovery off its Thursday low of $1.3567, GBP boosted by a less dovish BOE MPC announcement than had been speculated.
  • GBP/USD edged to a high Friday of $1.3740 before it eased off to $1.3710 in post fix trade but the underlying buoyant tone allowed rate to nudge back to $1.3739 into the close.
  • Early Asia saw rate ease off to $1.3712, holding above the NY low, before it edged higher again, this time able to mark a high of $1.3741, though failed to find the momentum to build further.
  • Rate settled around $1.3730 through to the European open.
  • Support $1.3712/10, $1.3695/90, $1.3670, $1.3650. Resistance $1.3741, stronger $1.3758/59. A break of $1.3760 to expose $1.3773/77/85, $1.3800/10.
  • A light domestic calendar Monday with focus on Friday's release of IP, Trade, GDP Monthly/Yearly.
  • Focus today on appearance of BOE Bailey to face questions concerning his prior role as head of the FCA(especially London Capital and Finance minibonds scandal).
  • David Smith in the Sunday Times suggested the Bank must start to think of when to raise rates.
  • MNI Techs: GBPUSD Friday bounced further off Thursday's low. A bullish theme remains in place and recent weakness appears to have been a correction. Attention remains on 1.3759, Jan 27 high where a break would confirm a resumption of the uptrend and resume the bullish price sequence of higher highs and higher lows. This would open 1.3773, May 1 2018 high. On the downside, firm support lies at 1.3567, Feb 4 low.
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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