RISE IN GBPUSD REMAINS WEAK

After the removal of some of the national quarantine rules that have been ongoing since January 5 as part of the fight against the Kovid-19 outbreak in the UK, British Finance Minister Altar pointed out that he is in a good position for strong recovery. On the other hand, the UK economy grew by 1.3 percent on a quarterly basis, but this data pointed to a contraction of 7.3 percent on an annual basis. The UK manufacturing PMI for March, on the other hand, showed an increase above expectations with 58.9. As the week approached the last trading day, although the Sterling assets, which had the opportunity from the withdrawal in the dollar, entered a slight appreciation movement, the effect of this price movement was quite limited. Thus, the parity's attacks against the 1.3855 level of the parity, priced at the limit of 1.38, continue to fail.

If we look at the US side, while the overall outlook of the data announced is quite positive, the ADP private sector employment was slightly below expectations. While ISM manufacturing PMI figure exceeded expectations with 61.3, weekly unemployment claims decreased above expectations with 719K. Although this data creates a slight depreciation on the dollar side, maintaining remarkably high levels of 1.67 percent in US 10-year bond yields continue to pressurize the G10 currencies. Especially when the markets are closed today, we see that the non-farm payrolls for March exceeded the expectations with 916K people. The unemployment rate declined to 6.0 percent, while average hourly earnings indicate a 0.1 percent contraction. It is seen that the dollar outlook, which is appreciated slightly after the data, is supporting the retreats in the parity.

After all these developments, the GBPUSD parity, which spent the week below 1.3855, may enter into a gain in momentum within the framework of 1.37 and 1.3616 support levels in case of a pricing below 1.3770 level. However, in an uptrend from 1.3770, if the first attack point of 1.3855 is above this level, we follow 1.3940 and 1.4020 resistance levels.