In view of Chief FX Strategist at Scotiabank Shaun Osborne, Cable’s short term outlook remains neutral-bearish.
“The Brexit Bill has been given the Royal ascent – it is now law – which will allow PM to pull the Brexit trigger at her leisure in the next week or so. Brexit risks suggest sterling will retain a defensive undertone near term, at least”.
“Net gains on the week – so far – for sterling suggest some technical strength might be creeping back into the market and the broader trend lower has stalled. We think downside risks remain quite significant in the near to medium term, however, and await the close of the week to asses broader risks for the GBP. Intraday, price signals look potentially soft, with weak price action developing around the overnight highs around 1.23; weakness back under 1.2245/50 may see the GBP slip lower again”.
- R3 1.2519
- R2 1.2415
- R1 1.2354
- PP 1.2250
- S1 1.2190
- S2 1.2086
- S3 1.2025
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.