28 Apr 2014
GBP /USD bullish - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that they are bullish on GBP/USD.
Key Quotes:
"GBP is strong. Hometrack housing survey suggests rising home prices (+0.6%m/m and 6.0%y/y) which is likely to drive a hawkish tone from the BoE, on the back of financial stability risk; however GBP rallied higher in tandem with EUR, likely responding to increasing flows and Russian rumours. This week, the fist read on Q1 GDP is expected at +0.9%q/q and +3.2%y/y."
"GBP/USD short‐term technicals: bullish—most signals are in but territory and rebuilding upward momentum. Support lies at the 50‐day MA at 1.6676. GBP has rallied to a fresh 4.5year high, leaving whole numbers as resistance (1.69 and then 1.70)."
Key Quotes:
"GBP is strong. Hometrack housing survey suggests rising home prices (+0.6%m/m and 6.0%y/y) which is likely to drive a hawkish tone from the BoE, on the back of financial stability risk; however GBP rallied higher in tandem with EUR, likely responding to increasing flows and Russian rumours. This week, the fist read on Q1 GDP is expected at +0.9%q/q and +3.2%y/y."
"GBP/USD short‐term technicals: bullish—most signals are in but territory and rebuilding upward momentum. Support lies at the 50‐day MA at 1.6676. GBP has rallied to a fresh 4.5year high, leaving whole numbers as resistance (1.69 and then 1.70)."