US: FED Reverse Repo Operation

• RES 4: 1.3175 High Oct 4 2024  
• RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
• RES 2: 1.3048 High Nov 6 ‘24
• RES 1: 1.3015 High Mar 20 and the bull trigger  
• PRICE: 1.2975 @ 16:50 BST Apr 2
• SUP 1: 1.2891/71 20-day EMA / Low Mar 27      
• SUP 2: 1.2766 50-day EMA and a short-term pivot support
• SUP 3: 1.2679 Low Mar 4   
• SUP 4: 1.2559 Low Feb 28      

GBPUSD trades well through the London close, showing to a new weekly high but trading in the broader range. Importantly for bulls, the pair continues to trade closer to its recent highs. MA studies are in a bull-mode position highlighting a dominant uptrend. A breach of 1.3015, the Mar 20 high and bull trigger, would resume the uptrend and open 1.3048, the Nov 6 2024 high. Support at the 20-day EMA, at 1.2891, is intact. A clear break of the 20-day EMA is required to signal scope for a deeper correction.         

RRP usage inches up to $233.488B this afternoon from $230.063B on Tuesday. Usage had surged to the highest level since December 31, 2024 this past Monday: $399.167B. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties at 41.

• US Data/Speaker Calendar (prior, estimate)
• 03-Apr 0730 Challenger Job Cuts YoY (103.2%, --)
• 03-Apr 0830 Initial Jobless Claims (224k, 226k)
• 03-Apr 0830 Continuing Claims (1.856M, 1.870M)
• 03-Apr 0830 Trade Balance (-$131.4B, -$123.5B)
• 03-Apr 0945 S&P Global US Services PMI (54.3, 54.2), 
• 03-Apr 0945 Global US Composite PMI (53.5, 53.4)
• 03-Apr 1000 ISM Services Index (53.5, 52.9)
• 03-Apr 1000 ISM Services Prices Paid (62.6, 63.0)
• 03-Apr 1000 ISM Services New Orders (52.2, 51.5)
• 03-Apr 1000 ISM Services Employment (53.9, 53.0)
• 03-Apr 1130 US Tsy $80B 4W, $75B 8W bill auctions
• 03-Apr 1230 Fed VC Jefferson economic outlook (text, Q&A)
• 03-Apr 1430 Fed Gov Cook economic outlook (text, Q&A)