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4 Feb 2015
GBP/USD short-term technicals mixed – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that GBP/USD short-term technicals are mixed, with possibility of the pair continuing its range-trade, and further shares the trade setup for EUR/GBP.
Key Quotes
“GBP is strong, up 0.2% into the NA open and trading to the upper end of its recent 1.4952 to 1.5274 range.”
“We do not expect any policy change at tomorrow’s BoE meeting.”
“Data today was encouraging, with services PMI rising to 57.2, supporting the composite back to 56.7.”
“We see value in short EURGBP positions at current levels 0.7521, looking for a test back down to 0.7420 with a stop at 0.7601.”
“GBPUSD short‐term technicals: mixed—with a test for a bullish turn the ability of GBP to break above its recent range of 1.4952 to 1.5274. Such a break would open up a test to the 50‐day MA at 1.5397. However, technical studies in general are fairly mixed, warning of an ongoing range trading environment.”
Key Quotes
“GBP is strong, up 0.2% into the NA open and trading to the upper end of its recent 1.4952 to 1.5274 range.”
“We do not expect any policy change at tomorrow’s BoE meeting.”
“Data today was encouraging, with services PMI rising to 57.2, supporting the composite back to 56.7.”
“We see value in short EURGBP positions at current levels 0.7521, looking for a test back down to 0.7420 with a stop at 0.7601.”
“GBPUSD short‐term technicals: mixed—with a test for a bullish turn the ability of GBP to break above its recent range of 1.4952 to 1.5274. Such a break would open up a test to the 50‐day MA at 1.5397. However, technical studies in general are fairly mixed, warning of an ongoing range trading environment.”