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16 Jul 2015
GBP/USD needs to clear 1.5685 for further upside – OCBC Bank
FXStreet (Edinburgh) - According to Emmanuel Ng, FX Strategist at OCBC Bank, the pair needs to surpass 1.5685 in order to test higher levels.
Key Quotes
“The pound remained somewhat of a stand out on Wednesday with cable being able to resist the downward pull of the broad dollar despite slightly soft labor market numbers”.
“The pair may in the short term remain relatively more supported in the wake of Carney’s comments earlier this week and with markets attempting to bring forward expectations of the first BOE rate hike into to 1Q 16”.
“In the interim, GBP-USD may need to overcome 1.5685 with a certain degree of conviction to generate further lift on the upside”.
“Given the current broad dollar environment however, the balance of risks may remain oriented towards the 55-day MA (1.5527) instead”.
Key Quotes
“The pound remained somewhat of a stand out on Wednesday with cable being able to resist the downward pull of the broad dollar despite slightly soft labor market numbers”.
“The pair may in the short term remain relatively more supported in the wake of Carney’s comments earlier this week and with markets attempting to bring forward expectations of the first BOE rate hike into to 1Q 16”.
“In the interim, GBP-USD may need to overcome 1.5685 with a certain degree of conviction to generate further lift on the upside”.
“Given the current broad dollar environment however, the balance of risks may remain oriented towards the 55-day MA (1.5527) instead”.