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Sterling Retains Buoyant Tone, Pressures $1.3200-08 Levels

GBP
MNI (London)
  • News of a 90% effective COVID vaccine Monday gave risk a boost and sent GBP/USD to an extended recovery high of $1.3208 in early NY.
  • Move ran into profit take resistance, which with a lift in UST yields, acted to press rate down to $1.3119 into the 1600GMT fix.
  • After an initial falter the rate managed to recover to $1.3177, closing the day at $1.3164.
  • USD continued to pare Monday recovery gains in early Asia, allowed GBP/USD to edge to $1.3200 but again was seen meeting resistance at this level.
  • Rate eased off to $1.3174 ahead of Europe before meeting fresh demand which has edged it back to $1.3190 at writing.
  • Early focus on UK Employment data at 0700GMT. Unemployment rate moves out to 4.8%, from last 4.5%, expected to due the ending of the UK Govt furlough scheme. Reaction could prove muted due to Monday vaccine news.
  • Support $1.3160/50, stronger into $1.3120. Resistance $1.3200, $1.3208, $1.3220, $1.3250.
  • MNI Techs: break above 1.3177, Oct21 high, signals scope for further strength with attention turning to 1.3292 next, 76.4% of the Sep 1 - 23 sell-off. Initial support lies at 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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