5 May 2014
GBP is quiet but upside risks remain- Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that the UK is on holiday today, celebrating May Day, making for a quiet trading session and no data. However, things might just start to pick up.
Key Quotes:
"The UK is on holiday today, celebrating May Day, making for a quiet trading session and no data. Accordingly, GBP is flat to Friday’s close leading into the NA session. The expectations for Thursday’s BoE meeting are subdued (we expect no change and no statement), leaving the highlight this week housing, production and PMI data releases."
"GBP/USD short-term technicals: bullish—technicals still warn of upside risk and the RSI has not entered overbought territory. Support lies at 1.6800, while resistance is at the YTD high of 1.6920."
Key Quotes:
"The UK is on holiday today, celebrating May Day, making for a quiet trading session and no data. Accordingly, GBP is flat to Friday’s close leading into the NA session. The expectations for Thursday’s BoE meeting are subdued (we expect no change and no statement), leaving the highlight this week housing, production and PMI data releases."
"GBP/USD short-term technicals: bullish—technicals still warn of upside risk and the RSI has not entered overbought territory. Support lies at 1.6800, while resistance is at the YTD high of 1.6920."