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GBP/USD: big falls on Brexit fears and rate cut expectations

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/USD has fallen from high of 1.4396 down to 1.4189 lows through the 50 dma at 1.4282.

    GBP/USD looks soft and prone to more weakness near-term. Further weighing on the downside, Moody was characterizing the UK budget as “credit negative” and one large bond fund manager was reporting sighting that the next BoE move might be a rate cut, according to analysts at Scotiabank.

    GBP/USD headed to 1.30 on Brexit fears? - BBH

    GBP/USD levels

    "Broader patterns appear to be deteriorating as well, with Cable easing below the 40-day MA that has been a decent bellwether of the pound's performance recently," explained Shaun Osborne Chief FX Strategist at Scotiabank, "Intraday patterns suggest a pause in the sell-off ahead of another push lower. GBPUSD looks at risk of pushing lower to test key support at 1.4130/50 in the next few days."
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