4 Aug 2015
Sterling lows to hold on multi week basis - Westpac
FXStreet (Guatemala) - Analysts at Westpac offers an insight to the pound.
Key Quotes:
"Macro: EUR/GBP a strong sell into 0.71/0.72, markets underpricing BoE rate hike risk into year’s end (just 4bp, or 16% probability). This however still leaves us with a neutral GBP/USD bias as we stick with a bullish USD view over the next week and beyond.
Technical: Medium term price structure implies that the recent low at 1.5330 should hold on a multi-week basis. Negative medium term momentum is limiting the upside. Awaiting a renewed positive medium term momentum bias. Neutral short term bias."
Key Quotes:
"Macro: EUR/GBP a strong sell into 0.71/0.72, markets underpricing BoE rate hike risk into year’s end (just 4bp, or 16% probability). This however still leaves us with a neutral GBP/USD bias as we stick with a bullish USD view over the next week and beyond.
Technical: Medium term price structure implies that the recent low at 1.5330 should hold on a multi-week basis. Negative medium term momentum is limiting the upside. Awaiting a renewed positive medium term momentum bias. Neutral short term bias."