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13 Apr 2015
GBP/USD hits fresh multi-year lows – Scotiabank
FXStreet (Barcelona) - GB/USD hits fresh multi‐year lows as market reacts to broad USD move, and on concerns about softer growth and the looming election uncertainty, notes Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank.
Key Quotes
“GBP is soft, having falling to fresh multi‐year lows. There was no data released today, but market participants are concerned that recent UK data has softened and uncertainty over the upcoming election combined with a broad strengthening in the USD.”
“This week’s highlight for the UK will be tomorrow’s inflation print, expected to be stable at 0% on headline and 1.2% on core.”
“GBPUSD short‐term technicals: bearish—signals have all shifted to a bearish GBP outlook, with the RSI at 34 providing plenty of room before GBP falls into over sold territory.”
“However unless the MACD line shifts rapidly, the charts are at risk of warning of divergence which would imply the GBP softness is temporary.”
“Support lies at the psychologically important 1.4600, with resistance at 1.4635 followed by 1.4713.”
Key Quotes
“GBP is soft, having falling to fresh multi‐year lows. There was no data released today, but market participants are concerned that recent UK data has softened and uncertainty over the upcoming election combined with a broad strengthening in the USD.”
“This week’s highlight for the UK will be tomorrow’s inflation print, expected to be stable at 0% on headline and 1.2% on core.”
“GBPUSD short‐term technicals: bearish—signals have all shifted to a bearish GBP outlook, with the RSI at 34 providing plenty of room before GBP falls into over sold territory.”
“However unless the MACD line shifts rapidly, the charts are at risk of warning of divergence which would imply the GBP softness is temporary.”
“Support lies at the psychologically important 1.4600, with resistance at 1.4635 followed by 1.4713.”