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Apr 05 - 04:55 PM

GBP/USD - Rides Dollar's Risk-On Retreat, March Highs Eyed If UK Reopens Well

By Randolph Donney  —  Apr 05 - 02:38 PM

  • Cable rallied into its broken up TL from Nov at 1.3910 nL1N2LY10F

  • Move mostly due to broad long dollar profit-taking, risk-on flows

  • Very strong U.S. jobs and ISM data traded in sell-the-news fashion

  • Better sense of sentiment on Tuesday after Friday-Monday holidays

  • March's high and 61.8% of the Feb-March drop are key at 1.4017/23

  • Today's low by tenkan, clearance of kijun, 21- & 30-DMAs is bullish

  • UK steps up COVID testing as part of reopening plan nL1N2LY06L

  • But summer travel season is still uncertain nL1N2LY06L

  • That as EUR/GBP has neared some important supports nL1N2LY0RT

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Refinitiv IFR Research/Market Commentary


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