GBP/USD further upside hinges on USD weakness – OCBC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, sees further upside in spot depending on bouts of dollar weakness.

    Key Quotes

    “The BOE’s Forbes noted on Friday that a rate hike in the UK would “occur rather than later” but this failed to lend additional support to the GBP-USD”.

    “On the CFTC front, net leveraged GBP longs were cut for the 4th consecutive week and this may begin to cap the GBP-USD ahead of further headline risks”.

    “Supports are expected into the 55-day MA (1.5418) and the 200-day MA (1.5329) while a breach beyond 1.5490/00 may have to be reliant on renewed USD vulnerability”.
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