GBP/USD: buy back this drop again? - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank explained that sterling has moved but the absence of any particular trigger for the drop suggests a flow-related move.

Key Quotes:

"Brexit news has been somewhat encouraging, however, with the UK suggesting it can accept the EU’s demands for a shorter transition period (of 20 months). The UK/Russia situation is simmering in the background but does not appear to be having any real influence on price action.

The intraday tumble in the pound has robbed the market of some of the bullish momentum on the short term charts that had started to build yesterday but the recent uptrend persists and we think the pound should continue to attract support on dips."

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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