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Struggles Again to Build Above $1.4000

GBP
MNI (London)
  • GBP/USD again found the air above $1.40 to be thin, the rate touching a high of $1.4009 into the NY open Tuesday before it turned lower, drifting off to a low of $1.3926.
  • Reports read suggest part of the recent GBP demand linked to M&A interest, mentioned UK Melrose selling its Nortek Air Management business to Chicago based Madison Industries for Gbp2.6bln.
  • Corrective pullback was seen mainly driven by a fading of risk appetite, equities and UST yields both eased.
  • Recovery off Tuesday's low extended in Asia, as USD/JPY was pressed back below Y108, edging to $1.3950 before USD/JPY recovered which saw GBP/USD pressed down to $1.3916, trading back at $1.3930 into Europe.
  • Early focus on UK CPI at 0600GMT, median 0.8%yy, Core 1.1%yy.
  • BOE Ramsden speaks at 0805GMT, BOE Bailey at 1030GMT.
  • Support $1.3916, $1.3900($1.3897 38.2% $1.3717-1.4009) ahead of $1.3880 and $1.3860/50. Resistance $1.3950, top of 1.0% 10-dma envelope current $1.3955, with strong resistance remaining between $1.4000/20.
  • MNI Techs: GBPUSD rallied Monday and cleared resistance at 1.3919, Apr 6 high. This strengthened the S/T bullish theme and exposed the former bull channel base drawn off the Nov 2, 2020 low. The line however intersected at 1.4006 yesterday and has so far capped recent gains - yesterday's high was 1.4009. A break of 1.4009 is required to confirm a resumption of recent strength and open 1.4103, a retracement level. Watch support at 1.3810, Apr 19 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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