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GBP/USD further upside hinges on USD weakness – OCBC

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, sees further upside in spot depending on bouts of dollar weakness.

Key Quotes

“The BOE’s Forbes noted on Friday that a rate hike in the UK would “occur rather than later” but this failed to lend additional support to the GBP-USD”.

“On the CFTC front, net leveraged GBP longs were cut for the 4th consecutive week and this may begin to cap the GBP-USD ahead of further headline risks”.

“Supports are expected into the 55-day MA (1.5418) and the 200-day MA (1.5329) while a breach beyond 1.5490/00 may have to be reliant on renewed USD vulnerability”.

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