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21 Apr 2016
GBP/USD is robust, gains to extend through 1.4375/80 - Scotiabank
Analysts at Scotiabank explained that UK retail sales tumbled 1.3% in March, well below market expectations, and February was revised lower (by a tenth to – 0.5% m/m).
Key Quotes:
"The data follow on the heels of yesterday’s disappointing unemployment data but have not ruffled the GBP to any extent, with the GBP steady versus the USD overnight but rising modestly against the EUR as the market takes back some of the recent referendum-driven strength in the cross."
"While the broader 1.40/1.44 sideways range we have highlighted recently remains intact, sterling continues to pressure the upper end of that trading range. Intraday signals look constructive too and the charts suggests gains through 1.4375/80 will extend."
Key Quotes:
"The data follow on the heels of yesterday’s disappointing unemployment data but have not ruffled the GBP to any extent, with the GBP steady versus the USD overnight but rising modestly against the EUR as the market takes back some of the recent referendum-driven strength in the cross."
"While the broader 1.40/1.44 sideways range we have highlighted recently remains intact, sterling continues to pressure the upper end of that trading range. Intraday signals look constructive too and the charts suggests gains through 1.4375/80 will extend."