23 Mar 2015
GBP might surrender most of its gains against the euro – BBH
FXStreet (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman, explains that GBP appears weaker than Euro and might lose most of its gains against the single currency.
Key Quotes
“Technically, sterling appears weaker than the euro and may surrender more of its recent gains against the euro."
“The recent dovish comments by Carney and the uncertainty shrouding the outcome of the May election are arguably important fundamental considerations.”
“Sterling jump after the FOMC carried it to about $1.5165. It stopped ahead of a key retracement objective ($1.5200) and the 20-day moving average (came in near $1.5185 in the middle of last week).”
“It failed to finish the week above the psychologically important $1.50. It may offer initial resistance, but the more important test comes near $1.5130."
“We would peg support near $1.4850.”
Key Quotes
“Technically, sterling appears weaker than the euro and may surrender more of its recent gains against the euro."
“The recent dovish comments by Carney and the uncertainty shrouding the outcome of the May election are arguably important fundamental considerations.”
“Sterling jump after the FOMC carried it to about $1.5165. It stopped ahead of a key retracement objective ($1.5200) and the 20-day moving average (came in near $1.5185 in the middle of last week).”
“It failed to finish the week above the psychologically important $1.50. It may offer initial resistance, but the more important test comes near $1.5130."
“We would peg support near $1.4850.”