Back
19 Mar 2014
Flash: GBP losing momentum? - Investec
FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, noted the selling bias around the sterling as of late.
Key Quotes
"The pound endured a frantic day yesterday as it was caught by some large merger and acquisition flow which dragged the GBPAUD below a key technical break which triggered GBPUSD running down to six week lows in the 1.65’s".
"Another notable move was seen in GBPEUR, as the single currency continues to peacock in the 1.39’s against the US dollar which is also providing it with enough momentum to grind higher against GBP. It is worth noting the Investec trading desk think a move down to 1.1850 short term could occur in GBPEUR, particularly if the numerous events ahead of us today don’t swing in the pound’s favour."
Key Quotes
"The pound endured a frantic day yesterday as it was caught by some large merger and acquisition flow which dragged the GBPAUD below a key technical break which triggered GBPUSD running down to six week lows in the 1.65’s".
"Another notable move was seen in GBPEUR, as the single currency continues to peacock in the 1.39’s against the US dollar which is also providing it with enough momentum to grind higher against GBP. It is worth noting the Investec trading desk think a move down to 1.1850 short term could occur in GBPEUR, particularly if the numerous events ahead of us today don’t swing in the pound’s favour."