Cautiousness Prevails Around GBP/USD – Scotiabank
Chief FX Strategist at Scotiabank Shaun Osborne remains cautious on the outlook for Cable.
Key Quotes
“GBPUSD
has popped higher as North American trade gets underway and, after
yesterday’s early ~150 pip sell-off fully reversed later in the session,
markets will likely remain cautious about leaning too hard on the
downside in the near term”.
“We think broader technical signals
are negative for GBPUSD but yesterday’s rebound leaves a potential
“hammer” low/reversal signal on the daily chart which may see more
upside movement in the next day or so. Above 1.4165/70 would support the
case for near-term gains”.
(Market News Provided by FXstreet)
