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UK Jobs the Early Focus but Brexit Headlines Remain the Key Driver for GBP Direction.

GBP
MNI (London)
  • Sunday's announcement of an extension in Brexit trade negotiations reversed Friday's negative outlook and provided sterling with a sharp boost that took GBP/USD to $1.3446, off its Friday low of $1.3135.
  • As momentum faded in NY the rate eased off to $1.3310 into the 1600GMT fix, recovered to $1.3353 post fix before settling around $1.3328 after finding support above $1.3320.
  • Apart from an opening Asia post at $1.3312 GBP/USD consolidated through Asia between $1.3322-48. Information over the Brexit negotiations being kept tight but EU Barnier has been sounding more optimistic than late but market now seen needing something more concrete for reaction.
  • MNI Sources suggest EU and UK exploring Level Playing Field Landing Zone, greater effort seen but talks remain tough.
  • UK Employment data the early focus at 0700GMT. Forecast unemployment rate to rise to 5.1% in Oct from 4.8% in Sep.
  • Brexit trade negotiation headlines remain key for GBP direction.
  • MNI Techs: GBPUSD remains volatile and rallied higher Monday, erasing some of last week's losses. The recovery off Friday's low of 1.3135 defines this level as a key support and the extent of Monday's gains suggests the pullback between Dec 4 -11, a correction, has potentially run its course. If correct, this would signal scope for a retest and break of key resistance at 1.3539, Dec 4 high. Weakness below 1.3135 reinstates a bearish theme.
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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