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Free AccessStrong USD sell react to the dovish FOMC......>
CABLE: Strong USD sell react to the dovish FOMC Wednesday took cable back above
$1.32 and on to an eventual high of $1.3251 where it again met headwind
resistance above $1.3250. Move lagged behind the stronger reaction in EUR/USD
which took EUR/GBP to an extended recovery high of Gbp0.8667, off it pre FOMC
announcement dip low of Gbp0.8592. As initial react rally momentum faded so
cable drifted off to $1.3185 before it closed just above $1.3200. Early Asia saw
consolidation between $1.3185/95 before fresh USD sales allowed rate to edge
back to $1.3227. Corrective pullback met support ahead of $1.3200 before rate
climbed back toward its earlier high into Europe. Resistance remains above
$1.3250, a break and clear to expose $1.3290/00. Support $1.3200, ahead of
$1.3185, $1.3164 then $1.3150/45.
- UK Retail Sales provides early data focus at 0930GMT, but main attention will
be on the BOE Rate Announcement at 1200GMT. No change widely expected. Brexit
likely to counter any comment on strong economic data.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.