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Sterling Remains Firm But Needs to Negotiate $1.3292 to Boost Upside Potential

GBP
MNI (London)
  • Sterling has retained a buoyant tone through Asia, GBP/USD able to slightly extend its recent recovery to $1.3280($1.3278 Nov10) , with pullbacks holding above $1.3250.
  • Fresh demand has emerged into Europe, extending the move on to $1.3288 at writing, with next technical resistance moving within touching distance at $1.3292(76.4% $1.3482-1.2676).
  • Level could provide decent tech resistance, however, a break to expose $1.3300 ahead of $1.3320, $1.3350/60. Support $1.3250, $1.3215-00.
  • PM Johnson noted to have had an initial conversation with US president elect Biden. Defeat in the Lords on the Govt's Internal Market Bill seen providing part of the lift, should placate Biden's concern over the Irish border.
  • Focus on the Brexit Trade negotiation deadline of Nov15 where market optimism seen buoying sterling demand.
  • EUR/GBP trades below its 10-dma, moved outside of its 1.0% 10-dma envelope Tuesday(current Gbp0.88992) to Gbp0.8884 before edging back inside. Cross tends not to like being close to, nor outside of the envelope for long.
  • MNI Techs: Cable breached key resistance at 1.3177, Oct 21 and Nov 6 high. Break above this level signals scope for further strength with attention on 1.3292 next, 76.4% of the Sep 1 - 23 sell-off. Initial support lies at 1.3157 ahead of Friday's 1.3093 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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