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GBP up 0.2% on open – Scotiabank

FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that GBP is up 0.2% in the open with the revised Q3 GDP release as expected.

Key Quotes

“GBP is up 0.2% into the open. The revised Q3 GDP release was as expected, increasing at 0.7%q/q and 3.0%y/y, with private consumption and government spending stronger than expected but investment and trade proving softer than expected.”

“GBPUSD short‐term technicals: mixed—as spot has made an attempt to trade higher off its November 19th low of 1.5590, technicals have shifted into a more mixed environment; with today’s trading generating a buy signal from the MACD and warning of potential near‐term upside risk.”

“Accordingly, the risk‐reward for GBP is shirting away from short positions. Support lies at 1.5680 while resistance comes in at 1.5779.”

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