1 Dec 2014
GBP/USD higher but technically range bound- Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the conditions around GBP/USD on the release of a stronger than expected manufacturing PMI.
Key Quotes:
“GBP rallied significantly higher”.
“The manufacturing PMI rose to a four month high of 53.5, with manufacturing activating rising (above 50) for the 20th month in a row. The strength was domestic with exports soft."
"GBP/USD short‐term technicals: mixed, warning that GBP is more apt to range trade.
“Support lies at the recent low of 1.5586 with resistance at last week’s high of 1.5826."
Key Quotes:
“GBP rallied significantly higher”.
“The manufacturing PMI rose to a four month high of 53.5, with manufacturing activating rising (above 50) for the 20th month in a row. The strength was domestic with exports soft."
"GBP/USD short‐term technicals: mixed, warning that GBP is more apt to range trade.
“Support lies at the recent low of 1.5586 with resistance at last week’s high of 1.5826."