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GBP/USD: 1.5520 is key, failures provoke 1.5400 - Scotiabank

FXStreet (Guatemala) - Eric Theoret, CFA, CMT FX Strategist at Scotiabank explained GBP/USD is a relative underperformer with a modest gain in the context of broad-based USD weakness, consolidating within a relatively tight range with no response to expectedly hawkish comments BoE MPC member McCafferty.

Key Quotes:

"GBP is likely to remain range bound vs. the USD, its path largely driven by expectations for a BoE that is likely to follow the Fed in terms of normalization."

"GBP/USD short-term technicals: bullish—momentum signals are biased to upside risk however we note that GBP appears to be struggling to maintain gains above 1.5500. Failure to test new highs above 1.5520 would shift the focus to the downside and we would look to support at the 9 day MA near 1.5400."

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