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GBP/USD bearish despite UK data - Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that the stronger than expected employment data has done little to bring GBP off its lows.

Key Quotes

"The unemployment rate fell to 6.0%, while the economy added 46k jobs 3m/3m and average weekly earnings 3m/y/y were up 0.7%."

"However the market’s inability to react highlights the importance of inflation data over employment data in the current environment. As inflationary pressures fail to materialize the market is pushing out expectations for the first BoE interest hike and weighing on the currency."

"GBP/USD short‐term technicals: bearish—with most technical signals warning of further downside risk. The next level of support is 1.5900 followed by
the November 2013 low of 1.5855."

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