11 May 2015
GBP/USD bullish – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, notes GBP/USD technicals suggest the pair exhibits a bullish stance, with nearest resistance at 1.5520, and further expects EUR/GBP to see a decline towards 0.70.
Key Quotes
“GBP is up modestly, outperforming its peers as market participants consider BoE risk following the decision to keep rates unchanged at 0.50%—the focus shifting to Wednesday’s quarterly inflation report.”
“The rise vs EUR has been notable with EURGBP falling a cumulative 4% on the passing of UK election risk and the concurrent rise in Greece-driven risk.”
“EURGBP appears vulnerable to further decline, and we look to the March lows around 0.70”
“GBPUSD short-term technicals: bullish—signals are strong and the trend is strengthening. Support is expected at 1.54 with resistance above 1.5520.”
Key Quotes
“GBP is up modestly, outperforming its peers as market participants consider BoE risk following the decision to keep rates unchanged at 0.50%—the focus shifting to Wednesday’s quarterly inflation report.”
“The rise vs EUR has been notable with EURGBP falling a cumulative 4% on the passing of UK election risk and the concurrent rise in Greece-driven risk.”
“EURGBP appears vulnerable to further decline, and we look to the March lows around 0.70”
“GBPUSD short-term technicals: bullish—signals are strong and the trend is strengthening. Support is expected at 1.54 with resistance above 1.5520.”