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28 Jul 2015
GBP/USD neutral bias in the near term – Westpac
FXStreet (Edinburgh) - According to strategists at Westpac, the outlook for the pair remains neutral in the short term horizon.
Key Quotes
“The hawkish turn from the BoE (most recently, the minutes suggested that while the vote was still 9-0, “For a number of members… absent that [Greek] uncertainty, the decision between holding Bank Rate at its current level versus a small increase was becoming more finely balanced”) should keep GBP supported against probable USD strength”.
“Medium term price structure implies that the recent low at 1.5330 should hold on a multi-week basis. Medium term momentum is limiting the upside. Awaiting a renewed positive medium term momentum bias. Neutral short term bias”.
Key Quotes
“The hawkish turn from the BoE (most recently, the minutes suggested that while the vote was still 9-0, “For a number of members… absent that [Greek] uncertainty, the decision between holding Bank Rate at its current level versus a small increase was becoming more finely balanced”) should keep GBP supported against probable USD strength”.
“Medium term price structure implies that the recent low at 1.5330 should hold on a multi-week basis. Medium term momentum is limiting the upside. Awaiting a renewed positive medium term momentum bias. Neutral short term bias”.