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GBP/USD under-performing - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Analysts at Scotiabank explained that sterling is the main G‐10 under‐performer on the day so far. UK public sector net borrowing data for November was worse than expected (GBP13.6bn, versus expectations of GBP11.1bn in government borrowing for the month).

    Key Quotes:

    "The budget shorƞall for the first eight months of the fiscal year is running very close to the full year target, which suggests Chancellor Osborne may struggle to meet his deficit reduction objective. The GŅ consumer sentiment index for December came in a little better than forecast at 2, from 1 in November."

    "The index has been positive every month this year—the first time this has happened since 1974. GBP/USD short‐term technicals: (neutral/bearish) Cable’s short‐term trading range remains intact but the base at 1.4867 looks at risk after GBP/USD tested, and failed at, the 1.49 level in earlier trade. The broader downtrend persists and trend momentum is bearish across a range of timeframes. Technically, the force is strong in this one."
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