Set up is negative for the pound - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Analysts at Scotiabank explained that intraday price action suggests the recent slippage in GBP/USD may steady near-term near 1.4150, but we expect gains to remain relatively limited and feel that the broader set-up is shaping up negatively for the GBP.

    Key Quotes:

    "The daily chart shows a neat bear flag formation developing since the late February bounce from 1.3860;

    Cable has lost some of its recent luster by dropping back under the 40-day MA and will lose more technical ground – perhaps quickly – on a break under the bear flag base at 1.4147 currently."
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