26 Oct 2015
GBP/USD remains ‘heavy’ – OCBC
FXStreet (Edinburgh) - In the opinion of Emmanuel Ng, FX Strategist at OCBC Bank, the heavy tone is expected to remain around the pair.
Key Quotes
“The GBP-USD may continue to be partially heavy with the BOE’s Carney emphasizing over the weekend that a rate hike is a “possibility”, not a “certainty”.
“3Q GDP numbers are due on Tuesday but EUR prospects and the FOMC on Wednesday may take center stage instead”.
“On the CFTC front, net leveraged GBP longs were accumulated further in the latest week but this dynamic we think may have been diffused post-ECB”.
“In the near term, if the 200-day MA (1.5334) is not re-taken, expect risks towards 1.5250 to materialize”.
Key Quotes
“The GBP-USD may continue to be partially heavy with the BOE’s Carney emphasizing over the weekend that a rate hike is a “possibility”, not a “certainty”.
“3Q GDP numbers are due on Tuesday but EUR prospects and the FOMC on Wednesday may take center stage instead”.
“On the CFTC front, net leveraged GBP longs were accumulated further in the latest week but this dynamic we think may have been diffused post-ECB”.
“In the near term, if the 200-day MA (1.5334) is not re-taken, expect risks towards 1.5250 to materialize”.