In opinion of FX Strategists at Scotiabank, Cable’s near term outlook remains tilted to the neutral/bearish side.
Key Quotes
“Sterling has drifted lower from the upper 1.34 zone over the past week and looks brittle from a longer-run technical point of view”.
“Intraday support has emerged at the lower boundary of the short-term downward channel just above the 1.33 area this morning, which may allow for a modest rebound”.
“We expect intraday resistance at 1.3350/60 though and reckon with losses below 1.3300 near-term pointing to losses picking up more quickly”.
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