29 May 2014
GBP/USD remains under pressure - Investec
FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, notes the likeliness of further selling pressure in GBP.
Key Quotes
"GBPUSD fell 0.7% yesterday taking the pair to the lowest level since mid-April. It is unclear whether the fall should be attributed to something as tangible as the European election results where far-right party UKIP shocked the political world by becoming the first party outside of Labour and the Conservatives to win an election in 100 years, or whether the drop was related to market flow execution (with yesterday being spot value month end where larger execution orders generally take place)".
"Either way the pair broke through1.68 then tumbled through 1.67 late in the session and the pair could be vulnerable if further flows continue."
Key Quotes
"GBPUSD fell 0.7% yesterday taking the pair to the lowest level since mid-April. It is unclear whether the fall should be attributed to something as tangible as the European election results where far-right party UKIP shocked the political world by becoming the first party outside of Labour and the Conservatives to win an election in 100 years, or whether the drop was related to market flow execution (with yesterday being spot value month end where larger execution orders generally take place)".
"Either way the pair broke through1.68 then tumbled through 1.67 late in the session and the pair could be vulnerable if further flows continue."