As anticipated, on Gbp/Usd we have rapidily shot up to just shy of the 1.3100 handle as stated in the previous videos from yesterday. Further dollar weakness should also catch-up for the remaining pairs today.
Sterling is leading the latest broad G10 assault against the Dollar and perhaps front-running or prematurely factoring in positive news on the eve of EU-UK trade talks amidst comments from Barnier, Sefcovic and Michel ranging from the usual ‘we want a deal, but not at any price’ to the slightly more hopeful ‘an agreement is within reach’. Cable encountered some resistance just above 1.3000 and ahead of the 50 DMA (1.3009) initially, but breezed through at the next attempt before topping out close to near mid-month twin peaks between 1.3064-68. Meanwhile, Eur/Gbp has retreated further from Tuesday’s high just shy of 0.9150 to sub-0.9090 even though the single currency is also appreciating vs an increasingly weak Greenback as the DXY slides to 92.685 and fresh multi-week lows.
Sterling is leading the latest broad G10 assault against the Dollar and perhaps front-running or prematurely factoring in positive news on the eve of EU-UK trade talks amidst comments from Barnier, Sefcovic and Michel ranging from the usual ‘we want a deal, but not at any price’ to the slightly more hopeful ‘an agreement is within reach’. Cable encountered some resistance just above 1.3000 and ahead of the 50 DMA (1.3009) initially, but breezed through at the next attempt before topping out close to near mid-month twin peaks between 1.3064-68. Meanwhile, Eur/Gbp has retreated further from Tuesday’s high just shy of 0.9150 to sub-0.9090 even though the single currency is also appreciating vs an increasingly weak Greenback as the DXY slides to 92.685 and fresh multi-week lows.