Back
14 Mar 2014
Flash: GBP next targets 50 DMA - Scotiabank
FXStreet (Guatemala) - Eric Theoret, Currency Strategist at Scotiabank explained that GBP is weakening.
Key Quotes
"GBP is weakening following a consolidation that saw limited movement from domestic data releases including trade—wider than expected—and construction output—better than expected but with downward revisions to prior month. Geopolitical risk is the primary focus for GBP ahead of this weekend’s referendum, given the impact of looming economic consequences that may result from the referendum in Crimea."
"GBP/USD short-term technicals: bearish—momentum and short-term trend indicators are suggestive of downside. Near term focus for downside is the 50 day MA at 1.6547."
Key Quotes
"GBP is weakening following a consolidation that saw limited movement from domestic data releases including trade—wider than expected—and construction output—better than expected but with downward revisions to prior month. Geopolitical risk is the primary focus for GBP ahead of this weekend’s referendum, given the impact of looming economic consequences that may result from the referendum in Crimea."
"GBP/USD short-term technicals: bearish—momentum and short-term trend indicators are suggestive of downside. Near term focus for downside is the 50 day MA at 1.6547."