GBP/USD long term bearish - Scotiabank

By FXstreet.com | August 12, 2014 AAA

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that they have made no changes to their Q314 target of 1.72.



Key Quotes:



“We have made no change to our Q314 target of 1.72 and our year‐end target of 1.70; but the bearish longer‐term technicals are a warning that after one more rally, we are likely to see GBP trend lower for an extended period”.



"GBP/USD short‐term technicals: bearish. Last week we warned that GBP was likely to test down to 1.6786, this has now completed."



"Tomorrow’s pattern is important for direction. Support lies at the 200‐day MA at 1.6658 and resistance lies at the 100‐day of 1.6880. The longer‐term technical GBP outlook is turning increasingly bearish, with the currency having broken several levels of support, including its year‐long upward trend line”.



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