7 Apr 2015
GBP still under pressure ahead of UK elections – Westpac
FXStreet (Edinburgh) - According to strategists at Westpac, the pound would remain out of favor in the near term, depressed by political jitters.
Key Quotes
“With the UK election now front of mind, GBP should continue to underperform. EUR/GBP should continue to probe towards 0.7400, and a break above that level looks likely, though we see it lower on a 3 month view”.
“GBP remain out of favour for another week. GBP has a bullish growth signal but otherwise most of our other signals are neutral or bearish GBP”.
“March’s new multi-year low monthly close has not been ratified by short term/medium term momentum factors. These remain relatively neutral. While this conflict exists, directional bias is low”.
Key Quotes
“With the UK election now front of mind, GBP should continue to underperform. EUR/GBP should continue to probe towards 0.7400, and a break above that level looks likely, though we see it lower on a 3 month view”.
“GBP remain out of favour for another week. GBP has a bullish growth signal but otherwise most of our other signals are neutral or bearish GBP”.
“March’s new multi-year low monthly close has not been ratified by short term/medium term momentum factors. These remain relatively neutral. While this conflict exists, directional bias is low”.