GBP/USD comes with downside warnings - Scotiabank

By FXstreet.com | Updated August 05, 2014 AAA

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that technical signals are warning of further near‐term downside risk in GBP/USD.



Key Quotes



"GBP/USD short‐term technicals: bearish—technical signals warning of further near‐term downside risk and the RSI has not reached oversold levels. Accordingly for short-term traders, we favour short positions, looking for a test to 1.6786”.



“A close above the August 1st high of 1.6893 would shift the technical outlook to neutral and accordingly can be used as a stop."



You May Also Like

Related Forex Analysis
  1. Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market
    Forex News

    Weekly Trading Forecast: Volatility Keeps Boiling in the FX Market

  2. GBP/USD to Break Out on Less-Dovish BoE, Weak U.S. 3Q GDP
    Forex News

    GBP/USD to Break Out on Less-Dovish BoE, Weak U.S. 3Q GDP

  3. GBP/USD shifting through gears but now back into neutral
    Forex News

    GBP/USD shifting through gears but now back into neutral

  4. GBP/USD likely to be range-bound – FXStreet
    Forex News

    GBP/USD likely to be range-bound – FXStreet

  5. GBP/USD recovers ground but falters ahead of 1.57
    Forex News

    GBP/USD recovers ground but falters ahead of 1.57

Trading Center