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2 Dec 2014
GBP soft on broad USD rally – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that GBP is down 0.3% but still trading within yesterday’s range.
Key Quotes
“GBP is soft, down –0.3%, but still trading within yesterday’s range. After yesterday’s stronger than expected manufactur-ing PMI there was only a slight reaction to today’s weaker than expected construction PMI. However, GBP is trading in line with the broad strengthening of the USD.”
“GBPUSD short-term technicals: mixed—having reached a fresh low in yesterday’s trading session we remain biased to be short GBP; however technicals are not providing a unified outlook with the MACD in buy territory but most other signals in sell. Support lies at the recent low of 1.5586, while resistance comes in at today’s high of 1.5743.”
Key Quotes
“GBP is soft, down –0.3%, but still trading within yesterday’s range. After yesterday’s stronger than expected manufactur-ing PMI there was only a slight reaction to today’s weaker than expected construction PMI. However, GBP is trading in line with the broad strengthening of the USD.”
“GBPUSD short-term technicals: mixed—having reached a fresh low in yesterday’s trading session we remain biased to be short GBP; however technicals are not providing a unified outlook with the MACD in buy territory but most other signals in sell. Support lies at the recent low of 1.5586, while resistance comes in at today’s high of 1.5743.”