10 Feb 2015
GBP/USD: trading in narrow range with bullish bias - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, Chief FX Strategist and Managing Director at Scotiabank notes that GBP/USD has traded in a relatively narrow range.
Key Quotes:
"The typically volatile industrial and manufacturing production was mixed, with IP down –0.2%m/m and manufacturing production up 0.1%m/m."
"GBPUSD short‐term technicals: Bullish—technicals continue to warn of upside GBP risk; where a break above the 50‐day MA at 1.5361 is likely to generate a test up to 1.5570. Support lies at Thursday’s open of 1.5182 and 38.2% retracement of the move up from 2012. Initial support is 132.00/40."
Key Quotes:
"The typically volatile industrial and manufacturing production was mixed, with IP down –0.2%m/m and manufacturing production up 0.1%m/m."
"GBPUSD short‐term technicals: Bullish—technicals continue to warn of upside GBP risk; where a break above the 50‐day MA at 1.5361 is likely to generate a test up to 1.5570. Support lies at Thursday’s open of 1.5182 and 38.2% retracement of the move up from 2012. Initial support is 132.00/40."