GBP/USD: Looking for a break below 1.5680 – Scotiabank

FXStreet (Barcelona) – Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, notes short-term technicals for GBP/USD suggest a neutral bias to downside risk for the pair.

Key Quotes

“GBP is quiet, its recent consolidation generally bound between 1.5680 and 1.5780. The reaction stronger domestic GDP has been minimal, and we note that domestic policy expectations are softening with a second consecutive decline in OIS. BoE chief economist Haldane has reiterated his dovish stance with a focus on the recent appreciation in GBP as a downside risk to inflation.”

“GBPUSD short-term technicals: neutral—bias to downside risk considering recent resistance at the 9 day MA (1.5774). Looking to a meaning ful break below 1.5680.”

Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, notes short-term technicals for GBP/USD suggest a neutral bias to downside risk for the pair.

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