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2 Mar 2015
GBP/USD technicals warn of an upside risk – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that technicals and fundamentals warn of an upside risk in GBP/USD, with the pair trading soft due to a EUR/GBP rally.
Key Quotes
“GBP is soft, down –0.3% but trading well within its range and comfortably between the 50 and 100-day MA (1.5289 and 1.5554, respectively).”
“Technical studies continue to warn of upside risk; while the fundamental story is also reasonable.”
“Today’s manufacturing PMI was better than expected, rising to 54.1; while housing data disappointed and money supply turned negative.”
“We suspect today’s GBP weakness was aligned with flows as oppose to fundamental developments.”
“EURGBP was strong, climbing from its fresh lows aggressively.”
Key Quotes
“GBP is soft, down –0.3% but trading well within its range and comfortably between the 50 and 100-day MA (1.5289 and 1.5554, respectively).”
“Technical studies continue to warn of upside risk; while the fundamental story is also reasonable.”
“Today’s manufacturing PMI was better than expected, rising to 54.1; while housing data disappointed and money supply turned negative.”
“We suspect today’s GBP weakness was aligned with flows as oppose to fundamental developments.”
“EURGBP was strong, climbing from its fresh lows aggressively.”