27 Jul 2015
Further downside likely in GBP/USD – OCBC Bank
FXStreet (Edinburgh) - In the opinion of FX Strategist at OCBC Bank Emmanuel Ng, the pair could slip lower to test the 200-d MA at 1.5405.
Key Quotes
“GBP-USD dipped briefly below 1.5500 on Friday (note slightly dovish comments from the BOE’s Haldane) but eventually managed to recover to end flat to a touch lower on the day”.
“This week, 2Q GDP numbers due on Tuesday although the pull from external factors (EUR, USD) may remain apparent”.
“On the CFTC front, net leveraged GBP longs were pared in the latest week and in the near term, the 55-day MA (1.5561) is expected to cap with risks potentially tilted towards the 200-day MA (1.5405)”.
Key Quotes
“GBP-USD dipped briefly below 1.5500 on Friday (note slightly dovish comments from the BOE’s Haldane) but eventually managed to recover to end flat to a touch lower on the day”.
“This week, 2Q GDP numbers due on Tuesday although the pull from external factors (EUR, USD) may remain apparent”.
“On the CFTC front, net leveraged GBP longs were pared in the latest week and in the near term, the 55-day MA (1.5561) is expected to cap with risks potentially tilted towards the 200-day MA (1.5405)”.