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GBP/USD: ranging between low 1.45s/1.4350 - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Analysts at Scotiabank explained that GBP/USD’s rebound stalled last week around the 40-day MA (1.4610 currently) which has capped the topside for the pound since late last year.

    Key Quotes:

    "Daily price action is negative (“evening star” reversal) around that failure, suggesting an important short-term top is in for Cable at least.

    Intraday signals are weak too, with the GBP experiencing heavy selling interest above 1.45 this morn-ing.

    Look for strong resistance now on short-term gains to the upper 1.44s/low 1.45s. Intraday losses may accelerate below 1.4350."
    For more information, read our latest forex news.

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