Fade GBP/USD upticks - OCBC Bank

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank comments that his preference remains to fade any near term upticks ahead of the busy calendar this week and with GBP/USD now below its 55-day MA (1.6583).

Key Quotes

“The pair may be given to further capitulation in the near term given that the latest run of data releases last week failed to broadly surprise on the upside.”

“Note however that any further heaviness in the EUR-GBP may well limit cable’s downside. In the interim, any breach below 1.6535 by the GBP/USD may incite a further slide to test 1.6500.”