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."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Video: AUDUSD, GBPUSD and USDJPY Better Trade Options Than EURUSD

  2. Forex News

    BoE Policy Meeting Preview - Rabobank

  3. Forex News

    GBP/USD sinks to 1.5570

  4. Forex News

    GBP/USD off highs, near 1.5620

  5. Forex News

    Euro Faces Weekend Gap Risk with Greek Referendum Sunday

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!