GBP/USD upside capped around 1.4040/80 – Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    In opinion of strategists at Westpac, occasional bullish attempts in the pair could be limited at the 1.4040/80 band.

    Key Quotes

    GBP looks vulnerable to an oversold bounce but until the 23 June referendum definitively takes Brexit risk off the table GBP will likely struggle to mount a multi-day advance”.

    “Inability to capitalise on notably stronger wages and retail sales data last week confirm poor underlying health of the currency”.

    “Short term bounces should be capped around 1.4040/80. Otherwise, medium and long term charts looking more bearish”.
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