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13 May 2015
GBP/USD: long ahead of BoE inflation report, target 1.6045 – OCBC
FXStreet (Barcelona) - With the post-election positivity still guiding GBP/USD, and the pair having broken above the 200 DMA at 1.5618, Emmanuel Ng, FX Strategist at OCBC Bank, maintains a long position on the pair, targeting 1.6045 levels.
Key Quotes
“Ahead of the BOE Inflation Report on Wednesday and with post-election positivity still lingering, we engaged in a tactical long GBP-USD (spot ref: 1.5574) on Tuesday targeting 1.6045 with a stop placed at 1.5335.”
“The BOE Inflation Report on Wednesday (0930 GMT) is expected to be the highlight for the GBP-USD. Background USD vulnerability may prevail in the interim and note that the pair has breached its 200-day MA (1.5618), a first since Aug 2014 when the pair fell through this moving average.”
Key Quotes
“Ahead of the BOE Inflation Report on Wednesday and with post-election positivity still lingering, we engaged in a tactical long GBP-USD (spot ref: 1.5574) on Tuesday targeting 1.6045 with a stop placed at 1.5335.”
“The BOE Inflation Report on Wednesday (0930 GMT) is expected to be the highlight for the GBP-USD. Background USD vulnerability may prevail in the interim and note that the pair has breached its 200-day MA (1.5618), a first since Aug 2014 when the pair fell through this moving average.”