FXStreet (Barcelona) – Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, shares the outlook for GBP/USD, noting that technicals suggest some consolidation might be on the cards for the pair.
Key Quotes
“GBP is up a modest 0.3%, the bulk of its gains driven by domestic releases with a positive response to stronger lending and construction activity data.”
“Risk for GBP is elevated ahead of Thursday’s BoE, with a near term focus on Wednesday’s services PMI data.”
“GBPUSD short-term technicals: bearish—candles hint to a potential consolidation, with the formation of an inside day above support at the 50 and 100 day MA’s (1.5168 and 1.5167, respectively). 1.5200 has held as support on a closing basis.”
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