Cable is cresting 1.3900 with upside target at 1.4...
Cable is cresting 1.3900 with upside target at 1.4... and Eur/Gbp is back below 0.8750 partly due to another downturn in the Dollar and relative Euro lethargy between key technical levels. However, Sterling is also bid in its own right and benefiting from the UK’s ongoing advanced progress in terms of vaccinating the population against COVID-19 that is keeping the PM on track to begin relaxing restrictions early next month. For the record, over 15 mn people have now been inoculated and the Government is aiming to have administered first jabs to 32 mn by April. Whether you think these numbers are good or bad, Gbp strength is showing though.
Comment:
Although Sterling has pared some gains and given up pole position on the G10 grid as noted above, Cable looks more assured on the 1.3900 handle and Eur/Gbp edged closer to 0.8700 before bouncing as the Euro takes its turn to forge further gains vs the Dollar.
Trade closed: target reached:
Comment:
Pound probes barrier defences at 1.4000 following significant beats in UK PMIs