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Apr 13 - 11:55 AM

GBP/USD - COMMENT-Sterling Bid Intact Sub-1.37 After US CPI And Vaccine Concerns

By Paul Spirgel  —  Apr 13 - 10:39 AM

Sterling held firm on Tuesday after finding support during an earlier dip below 1.3700, helped by dollar weakness that appeared to be more driven by the U.S. calling for a pause in the distribution of Johnson and Johnson's COVID vaccine nL4N2M62U9 than unexpectedly strong U.S. CPI.

News that BoE chief economist Andy Haldane would leave the BoE nL8N2M643W this year was also in the mix.

The pound struggled versus the euro, hitting a 6-month low at 0.8711.
Early 2021 GBP, and USD, strength was aided by the successful vaccine rollouts.
The UK was expected to approve the JNJ vaccine shortly and has ordered 30 million doses for summer delivery, Click here .

Tuesday's third consecutive sub-1.37 probe enhances GBP/USD's bearish tone.
With recent recovery attempts shallow, capped by the 10-day moving average at 1.3784 and 10-week moving average at 1.3851, a break below Monday's low at 1.3670 and lower 30-day Bolli at 1.3660 will open the way for tests of 2021 daily lows on the way to 200-DMA support by 1.3342.

GBP/USD bulls must regain the 10-WMA to stem the bearish tide and a rise above the daily cloud top at 1.3942 to regain momentum.
For more click on FXBUZ


GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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