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3 Aug 2015
GBP/USD initial resistance at 1.5700 – OCBC Bank
FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank sees the initial up barrier aligned at 1.5700.
Key Quotes
“With no lack of headline risks this week (including the BOE MPC and Inflation Report), two-way volatility for the pair may also remain apparent”.
“On the CFTC front, net leveraged GBP longs increased slightly in the latest week, underpinning the recent price action for the GBP-USD on account of background BOE expectations”.
“In the interim, we expect a slightly supported tone to persist, with the 55-day MA (1.5553) seen cushioning on dips while 1.5700 may present itself as a first resistance”.
Key Quotes
“With no lack of headline risks this week (including the BOE MPC and Inflation Report), two-way volatility for the pair may also remain apparent”.
“On the CFTC front, net leveraged GBP longs increased slightly in the latest week, underpinning the recent price action for the GBP-USD on account of background BOE expectations”.
“In the interim, we expect a slightly supported tone to persist, with the 55-day MA (1.5553) seen cushioning on dips while 1.5700 may present itself as a first resistance”.