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20 Sep 2013
Flash: GBP/USD has been limping after two days of overuse, well certainly from a sterling view- Investec Bank
FXstreet.com (Athens)- Investec Bank Capital Markets Team suggest that GBP/USD rallied to 1.6150 in the aftermath of Wednesday evening’s events although the pound’s progress was stunted by disappointing Retail Sales figures which were released yesterday.
Key-Quotes:
“NS data for August showed that sales volumes fell by 0.9% on the month in August, following July’s 1.1% increase (consensus +0.4%, Investec -0.2%). This is not entirely surprising given the boost to sales in July from the hot weather. The pound was sold off quickly following the release and now trades around the 1.6050 level.”
“The knee injury is caused by overuse and results in several symptoms including limping and this is what is being felt across the market. Of course this isn’t entirely true however over the last few days, the GBP/USD has been limping, this after two days of overuse, well certainly from a sterling view.”
“After all the excitement of the FOMC minutes and GBP/USD moving up to 1.6100, we are starting to see the pair slowly retreat, limping back towards the 1.59’s. For our dollar buyers, let’s hope that the pair isn’t too injured and can turn this sprint into a marathon, taking us back to the dizzy heights of the 1.61’s.”
Key-Quotes:
“NS data for August showed that sales volumes fell by 0.9% on the month in August, following July’s 1.1% increase (consensus +0.4%, Investec -0.2%). This is not entirely surprising given the boost to sales in July from the hot weather. The pound was sold off quickly following the release and now trades around the 1.6050 level.”
“The knee injury is caused by overuse and results in several symptoms including limping and this is what is being felt across the market. Of course this isn’t entirely true however over the last few days, the GBP/USD has been limping, this after two days of overuse, well certainly from a sterling view.”
“After all the excitement of the FOMC minutes and GBP/USD moving up to 1.6100, we are starting to see the pair slowly retreat, limping back towards the 1.59’s. For our dollar buyers, let’s hope that the pair isn’t too injured and can turn this sprint into a marathon, taking us back to the dizzy heights of the 1.61’s.”