GBP: Technical tone remains fragile – BBH
|Sterling's technical tone remains fragile as the RSI and MACDs are not inspiring, and the Slow Stochastics seem to be cresting in a mini-cycle, explains Marc Chandler, Global Head of Currency Strategy at BBH.
Key Quotes
“Its firmer tone against the euro may have helped it weather the firmer dollar. The euro had been flirting with the upper end of its recent range around GBP0.90 a week ago and is now struggling to hold above GBP0.88. Re-establishing a foothold above $1.40 would offer a launchpad for $1.4145, but with the EU already seeming to reject a UK proposal on Brexit that May is expected to deliver in a speech at the end of next week; the market maybe cautious.”
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