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MNI (London)
  • GBP/USD recovery off Friday's low of $1.3636 extended to $1.3723 into Monday's Europe open before momentum faded.
  • A paring back of risk, pressure on EUR/USD(Italy politics, vaccine roll out), and suggestion of US corporate month-end USD demand were cited for fuelling the pullback.
  • Rate managed to edge back to $1.3682 in post 1600GMT trade, closing the day at $1.3675.
  • Rate posted a high of $1.3680 in opening Asian trade before rate eased off to $1.3660. Recovery to $1.3677 in early Tokyo before risk was again bruised, this time by equity market reaction to China PBOC advisor comments. Rate again met support at $1.3660 before it eventually gave way, pressing down to $1.3641 into Europe.
  • EUR/GBP holds back round its key 10-dma, currently at Gbp0.8885.
  • Early focus on UK Employment data at 0700GMT. CBI Retail Sales data due at 1100GMT.
  • Support $1.3636/33/24(Jan22 low/50% $1.3520-1.3746/Jan20 low), a break to expose $1.3606(61.8%) ahead of $1.3576/73(Jan19 low/76.4%). Resistance $1.3680, $1.3700, $1.3725/35.
  • MNI Techs: GBPUSD is off recent highs but remains in a clear uptrend. Last week the pair traded to a high of 1.3746, maintaining the bullish price sequence of higher highs and higher lows. Attention is on 1.3773 next, the May 1 2018 high. Near-term firm support has been defined at 1.3520, Jan 18 low. A breach would signal scope for a deeper short-term sell-off and expose a key support at 1.3452, Jan 11 low. Initial support is at 1.3611, the 20-day EMA.
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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