UK: Sterling is poised for more gains - BBH

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Research Team at BBH, suggests that the sterling is poised for more gains in the week ahead as it continues to recoup the initial Brexit-inspired losses.

    Key Quotes

    “Before the weekend it was trading at its best level since February 19. It broke the downtrend drawn off the February 4 high with two successive closes above it to end the week. The technical indicators are constructive. Sterling can test $1.4500-$1.4540 in the days ahead. Support is seen ahead of $1.4250.

    Sterling looks set to recover the losses it has suffered at the hands of the euro in recent months. The euro looks to have carved out a head and shoulders pattern against sterling, with the right shoulder sculpted by the price action in last couple of sessions. The neckline is near GBP0.7650, the measuring objective suggests a move toward the 61.8% retracement of the euro's gains since November, found near GBP0.7345.”
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