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  • The US Dollar is moving higher after a blowout NFP report bolstered confidence in the US economic recovery. Markets will now turn attention to next week’s US inflation data which could boost the Greenback. Get your market alert from @FxWestwater here: https://t.co/Ud62r3hKRF https://t.co/dvvDCJvlbP
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  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
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  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
  • Given the size of the rally in the eleven months preceding the beginning of the current decline a broader sell-off looks warranted. Get your market update from @PaulRobinsonFX here: https://t.co/UxZiSulpwB https://t.co/raXvlzkGbV
British Pound (GBP) Latest: GBP/USD Upside Persists , EUR/GBP Bearish - UK GDP Firms

British Pound (GBP) Latest: GBP/USD Upside Persists , EUR/GBP Bearish - UK GDP Firms

Justin McQueen, Analyst

GBP/USD, EUR/GBP Price Analysis & News

  • GBP/USD Sees Limited Reaction to Better Than Expected GDP
  • EUR/GBP Remains Bearish Below 0.8860

UK Q4 GDP Recap

UK GDP Q4 Y/Y: -6.5% vs Exp. -8.1% (Prior -8.9%) - Q/Q: 1.0% vs Exp. 0.5% (Prior 4.1%)

UK GDP for the fourth quarter came in firmly above expectations at 1% (Exp. 0.5%), which saw the yearly rate at -6.5%, against the consensus of -8.1%. While the GDP data has printed notably better than expected, this is not entirely a surprise, given last week’s BoE monetary policy report, in which the central bank stated that Q4 GDP was materially better than their initial forecasts. In turn, the Pound has seen a very muted reaction to the data with GBP/USD continuing to hover around the 1.38 handle. Going forward, the vaccine rollout will remain among the key drivers for the Pound. On the technical front, upside risks remain for GBP/USD, although, while the pair has eased a touch from the mid-1.38s, dips are likely to be bought with support situated 1.3750-60 and the 20DMA at 1.3708.

GBP/USD Chart: Daily Time Frame

British Pound (GBP) Latest: GBP/USD Upside Persists , EUR/GBP Bearish - UK GDP Firms

Source: Refinitiv

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EUR/GBP Remains Bearish Below 0.8860

EUR/GBP: The cross has struggled to break through key support at 0.8746 (61.8% fibonnaci fib) and thus has found some slight reprieve from its recent sell off. However, the EUR/GBP remains bearish below 0.8860 and thus I remain biased to fading rallies in the cross. As I mentioned last month, the vaccine trade is in full swing, alongside this, with the BoE among the first central banks to talk about tapering QE, GBP is likely to remain underpinned.

EUR/GBP Chart: Daily Time Frame

British Pound (GBP) Latest: GBP/USD Upside Persists , EUR/GBP Bearish - UK GDP Firms

Source: Refintiiv

EUR/GBP BEARISH
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 6% -10% 0%
Weekly 35% -6% 17%
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