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GBP/USD technical are mixed - Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that GDP was as expected, rising 0.7%q/q and 3.0%y/y; slower than Q2, but undeniably strong growth.

Key Quotes:

"With inflation having drifted lower, now sitting at just 1.2% on headline and 1.5% on core, the risk of a BoE interest rate hike has been pushed out into 2015. Technicals warn of GBP downside risk; however over the medium term, the relative outlook should drive the currency and on this metric the outlook is encouraging."

"Next week is a lighter data week with the highlight likely to come from housing prices. There are no BoE speakers scheduled before the November 6th BoE meeting and the November 12th Inflation Report."

GBP/USD short‐term technicals: mixed—however the near‐term risk continues to warn of downside, a shift to sell signal form the MACD would be concerning for bulls. Support lies at 1.60 while resistance comes in at 1.6100."

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