30 Apr 2014
GBP/USD; Not totally convinced - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that GBP is flat to yesterday’s close, after a below consensus GDP release.
Key Quotes:
"The first estimate of Q1 GDP rose 0.8%q/q and 3.1%y/y (below the 0.9% and 3.2% estimate); however the release does suggest that economic growth in the UK is building, which was enough to leave GBP and expectations for the BoE unchanged."
"GBP/USD short‐term technicals: Bullish, however the narrow range and repeated doji on the charts (open and close at the same level) suggest that GBP traders are undecided on whether GBP should sustain its recent highs."
Key Quotes:
"The first estimate of Q1 GDP rose 0.8%q/q and 3.1%y/y (below the 0.9% and 3.2% estimate); however the release does suggest that economic growth in the UK is building, which was enough to leave GBP and expectations for the BoE unchanged."
"GBP/USD short‐term technicals: Bullish, however the narrow range and repeated doji on the charts (open and close at the same level) suggest that GBP traders are undecided on whether GBP should sustain its recent highs."