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Retains Firm Feel Ahead of UK Jobs Data

GBP
MNI (London)
  • GBP/USD recovery off last Thursday's pullback low of $1.4006 extended Monday to $1.4119 during the European morning before GBP picking up stronger demand in NY that lifted it on to $1.4147.
  • Asia continued this theme as it pushed rate on to $1.4178, with rate maintaining a strong feel into Europe.
  • Fed Clarida and Bostic Monday suggested tapering far off, the former highlighting the recent NFP release and the path to economic recovery remains unpredictable.
  • Early domestic interest on release of UK Employment and earnings data at 0600GMT.
  • BOE Bailey, Broadbent and Ramsden appear at the Lords EAC hearing on QE.
  • Resistance $1.4178/82, a break to expose the top of the 1.0% 10-dma envelope, currently coming through at $1.4195(not resistance in itself but rate tends not to like to move outside for long). Above $1.4200 to turn attention toward the YTD high at $1.4237(Feb24)
  • Support $1.4132, $1.4100/1.4090, $1.4074(may17 low).
  • MNI Techs: GBPUSD outlook remains bullish and the pair is trading higher. The rate has recently cleared a number of resistance levels, reinforcing a positive theme and sights are set on the key resistance at 1.4237, Feb 24 high. A break of 1.4237 would strengthen a bullish case and confirm a resumption of the broader uptrend that started in March 2020. On the downside, initial firm support is at 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
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