3 May 2016
GBP/USD expects further rangebound – Scotiabank
Shaun Osborne, Chief FX Strategist at Scotiabank, sees the pair extending its sideline pattern in the short-term.
Key Quotes
“Sterling has had a strong run over the past week and while the trend higher remains intact (and well supported) on the short-term charts, intraday and daily price signals suggest that the move up may be stalling as the market nears a strong band of long-term resistance between 1.46/1.48”.
“More evidence (of weakness) is needed to confirm a top, however. Intraday, Cable weakness below 1.46 should see losses extend to 1.4480/00”.
Key Quotes
“Sterling has had a strong run over the past week and while the trend higher remains intact (and well supported) on the short-term charts, intraday and daily price signals suggest that the move up may be stalling as the market nears a strong band of long-term resistance between 1.46/1.48”.
“More evidence (of weakness) is needed to confirm a top, however. Intraday, Cable weakness below 1.46 should see losses extend to 1.4480/00”.