GBP/USD now eyes 1.35/1.37 – Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Strategists at Westpac see the pair dropping to the 1.35/1.37 band against the backdrop of increasing selling pressure around GBP.

    Key Quotes

    GBP probably needs to consolidate its sharp fall for a while but doubtful it amounts to anything more than that before weakness resumes”.

    “A toxic brew of Brexit risk and near zero prospects of a BoE hike this year and possibly until well into 2017 should continue to weigh. The move lower has been stealthy and will have caught many off guard. Positioning not a barrier”.

    “Short term momentum fading slightly but downtrend remains in play. Target 1.35/37 multi month after a break of 2010 lows (1.4231)”.
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