GBP/USD lows of today critical support - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Shaun Osborne Chief FX Strategist at Scotiabank explained that GBP/USD risks posting a bearish “engulfing” candle on the daily chart today – indicative of price strongly rejecting the 40-day MA.

    Key Quotes:

    "We see resistance at 1.5175/85 intraday. Minor support emerge near the lows seen last Thursday and Friday. Weakness below here intraday will see losses pick up.

    UK house prices fell in December (-1.1%, according to Rightmove). Early week focus will fall on CPI data (Tuesday, market expects +0.1% Y/Y for the headline rate), amid concerns that weaker energy prices may keep inflation subdued, making the BoE’s intention to normalize interest rates later in 2016 that much harder."
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