GBP/USD firm, neutral/bullish near term – Scotiabank
|Eric Theoret, FX Strategist at Scotiabank, noted Cable’s stance remains neutral/bullish in the near term.
Key Quotes
“GBP is consolidating its recent rally following a run of seven consecutive daily gains capped by Wednesday’s 0.6% rally. The preliminary (2nd) release of Q3 GDP was in line with expectations, at 0.4% q/q. There are no major releases ahead of the November PMI’s scheduled for release in early December, and Brexit related-risks appear limited ahead of PM May’s meeting with EC President Juncker on December 4”.
“GBP is testing fresh one month highs in the mid-1.33s at levels last seen in mid-October. Trend and momentum indicators are modestly bullish and short-term MA’s are providing confirmation. GBP appears set to break through the midpoint of its range from late September, and resistance limited ahead of the 1.3400-1.3420 area”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.