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27 May 2015
GBP/USD points southwards – OCBC Bank
FXStreet (Edinburgh) - Further downside could lie ahead for GBP/USD, according to FX Strategist at OCBC Bank Emmanuel Ng.
Key Quotes
“With little to distract from the domestic front till the 1Q GDP numbers on Thursday, the pair may seek to close the gap towards 1.5340 and then 1.5250 if the broad dollar continues to gain traction”.
“On a medium term horizon (multi-week), note that the pair had also run out of gas at its recent 50% Fibo retracement level of 1.5569 and the pair may re-route lower instead”.
Key Quotes
“With little to distract from the domestic front till the 1Q GDP numbers on Thursday, the pair may seek to close the gap towards 1.5340 and then 1.5250 if the broad dollar continues to gain traction”.
“On a medium term horizon (multi-week), note that the pair had also run out of gas at its recent 50% Fibo retracement level of 1.5569 and the pair may re-route lower instead”.