GBP/USD: bearish below 1.3475 now, gains through 1.3615 are needed - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank noted that cable popped higher on stronger than expected retail sales data (+1.0% m/m versus consensus calls for +0.2%) that will add fuel to expectations of a BoE rate hike before year-end.

Key Quotes:

"Sterling rallied quickly but fell almost as sharply shortly after, apparently on reports of a large policy deployment around the City of London’s major transport points."

"GBP/USD short-term technicals: Neutral/bearish—Short-term patterns look somewhat mixed after the GBP’s brief “round trip” move up from the low 1.35s to retest resistance around 1.36 and subsequent decline."

"The short-term chart suggests a potential top developing now after two good tests of the 1.36 area. Bearish below 1.3475 now. Gains through 1.3615 are needed to lift the technical tone here."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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