GBP's bear flag: watch downside below 1.4885 - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Shaun Osborne Chief FX Strategist at Scotiabank explained that sterling looks soft but not soft enough, yet, that we would concerned about a sharp slide in the market.

    Key Quotes:

    "That is a risk though and short and medium-term charts are all pointing to the same sort of consolidation pattern (bear flag) which is inherently negative. We look for intraday resistance at 1.4250 but would be more bearish on the immediate outlook for the GBP in the event of a drop back under 1.4185/90 near-term."
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