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GBP/USD fresh lows likely before recovery - Scotiabank

FXStreet (Córdoba) - Camilla Sutton, strategist at Scotiabank, said they expect the GBP/USD to eventually recover and retrace some of its weakness, but in the near-term fresh lows are likely.

Key Quotes

“GBP is weak, having dropped to a fresh multi‐month low and flirting with its 200‐day MA at 1.6664. The market is still adjusting to yesterday’s less hawkish BoE comments leaving GBP notably weak on all its crosses”.

“Profit taking on long GBP positions has been an ongoing trend over the last several weeks (CFTC data suggest that the peak gross long was mid‐June); while the options markets have been pricing for the risk of GBP downside since early July”.

“We expect GBP to eventually recover and retrace some of its weakness; however for the near‐term we are likely to see fresh lows first”.

AUD maintains positive tone - FXStreet

FXStreet Chief Analyst Valeria Bednarik remarks that AUD/USD has been trading above the 0.9300 mark on Thursday, although failing to break clearly above the 0.9330 resistance level so far.
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