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Stellar Sterling as GBP/USD Tops 1.41 For First Time Since 2018

FOREX

GBP's outperformance continued Tuesday, with the currency outperforming all others in G10. Today's moves are further evidence that the market is heavily endorsing the UK government's gradual, but solid, reopening plan which looks to remove all COVID-19 restrictions on June 21st. GBP/USD topped all near-term resistance ahead of the psychological handle, opening a move on the 1.4167 76.4% Fib retracement for the 2016 - 2020 sell-off.

Elsewhere, the greenback was mixed, taking little from the appearance of Fed chair Powell in front of the Senate Banking Committee. The USD index was mixed-to-lower, but managed to steer clear of testing the key support at 90.05.

The poorest performer Tuesday was CHF, which fell against all others in G10 despite a less than impressive turn out from equities. USD/CHF neared the 2021 highs of 0.9045.

Wednesday is a light session for data, with no tier releases due across the continent or the US. The speaker slate should be of more interest, with comments due from BoE's Bailey, Haldane, Broadbent, Vlieghe and Haskel as well as Fed's Powell (again), Clarida & Brainard.

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