2 Mar 2016
GBP/USD upside capped around 1.4040/80 – Westpac
In opinion of strategists at Westpac, occasional bullish attempts in the pair could be limited at the 1.4040/80 band.
Key Quotes
“GBP looks vulnerable to an oversold bounce but until the 23 June referendum definitively takes Brexit risk off the table GBP will likely struggle to mount a multi-day advance”.
“Inability to capitalise on notably stronger wages and retail sales data last week confirm poor underlying health of the currency”.
“Short term bounces should be capped around 1.4040/80. Otherwise, medium and long term charts looking more bearish”.
Key Quotes
“GBP looks vulnerable to an oversold bounce but until the 23 June referendum definitively takes Brexit risk off the table GBP will likely struggle to mount a multi-day advance”.
“Inability to capitalise on notably stronger wages and retail sales data last week confirm poor underlying health of the currency”.
“Short term bounces should be capped around 1.4040/80. Otherwise, medium and long term charts looking more bearish”.