GBP/USD bulls stacked up - Scotiabank

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that GBP is flat to yesterday’s close, still trading above 1.70 and flirting with its multi‐year high of 1.7063.



Key Quotes



"Fundamental release gave little for markets to chew on, as the stale final revision to GDP came in at 0.8%q/q and 3.0%y/y; with strong business investment; while the current account deficit narrowed to –18.5bn. We favour GBP upside, even from current levels, looking for a break above the ytd high of 1.7063."



"GBP/USD short‐term technicals: bullish—studies still suggest upside and the RSI at just 64 suggest there is room for more before reaching overbought levels. Support lies at the low of the two week range of 1.6922; resistance comes in at the multi‐year high of 1.7063."



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