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May 03 - 03:55 PM

GBP/USD - No News Good News For Sterling After German, US Data Misses

By Paul Spirgel  —  May 03 - 01:39 PM
  • GBP/USD ending NorAm +0.67% at 1.3910, Monday range 1.3931-1.3803

  • Volumes light owing to Bank Holiday, GBP strength outstrips other majors

  • Holiday protects sterling as weak German Mfg PMI & US data hit USD, EUR

  • GBP bulls working overtime, break 10-DMA resistance by 1.3901 nL1N2MQ0ZR

  • Bulls eye res 1.3937, 76.4% of 1.3979-1.3803, then upper 30-d Bolli 1.3989

  • Tues cloud twist 1.3896-81 attracts, gains tempered by BOE, NFP Thurs/Fri

  • More firm support at 1.3827, GBP's 30-DMA; below eyes lwr 30-d Boll 1.3659

  • EUR/GBP slips 0.4% to 0.8669, Mon range 0.8709-0.8666; EUR soft after German Mfg PMI miss

GBP Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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