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23 Mar 2016
Set up is negative for the pound - Scotiabank
Analysts at Scotiabank explained that intraday price action suggests the recent slippage in GBP/USD may steady near-term near 1.4150, but we expect gains to remain relatively limited and feel that the broader set-up is shaping up negatively for the GBP.
Key Quotes:
"The daily chart shows a neat bear flag formation developing since the late February bounce from 1.3860;
Cable has lost some of its recent luster by dropping back under the 40-day MA and will lose more technical ground – perhaps quickly – on a break under the bear flag base at 1.4147 currently."
Key Quotes:
"The daily chart shows a neat bear flag formation developing since the late February bounce from 1.3860;
Cable has lost some of its recent luster by dropping back under the 40-day MA and will lose more technical ground – perhaps quickly – on a break under the bear flag base at 1.4147 currently."