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Sterling Rises to Session Highs, EURGBP Approachs Support

GBP
  • Monitoring cable through fresh session highs in recent trade, with GBPUSD now up close to half a percent on the session above 1.2550, joining the likes of AUD and NZD as solid performers to start the week.
  • Despite the trend condition in GBPUSD remaining bearish, a corrective cycle continues to play out, which is allowing an oversold condition to unwind. Price action has narrowed the gap to resistance at 1.2580, the 50-day EMA.
  • Similarly for the cross, EURGBP’s extension lower undermines a recent bullish theme and instead highlights potential for a deeper retracement. Clearance of 0.8521, the Apr 17 low, would signal scope for a move towards the key cluster of support between 0.8498/93 (Aug 23 2023 low).
  • It is a light calendar week in the UK with only the BRC shop price, BOE money & credit data and final prints of both the manufacturing and services PMIs due. There are also no MPC members scheduled to speak ahead of the May 09 policy decision and publication of the MPR / Minutes.
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