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5 May 2016
GBPCAD: Extending the recovery - Scotiabank
Research Team at Scotiabank, suggests that the GBPCAD is extending the May recovery though the 1.85 area, taking out trend resistance off the 2.09 high and 40-day MA at 1.8531 in the process.
Key Quotes
“The force appears strong in this one now. We noted earlier in the week that downside risks for the cross were moderating and that a strong close to the week—above 1.85—should add to upward pressure on the GBP as it would reflect the highest close in a month and likely tempt trend followers to jump on the long side of the trade and encourage short position holders to cover.
Technical evidence of a strong reversal remains absent but a moderation/consolidation in the selloff seen since January looks a reasonable expectation now and may allow the GBP to rise towards 1.88/1.90.”
Key Quotes
“The force appears strong in this one now. We noted earlier in the week that downside risks for the cross were moderating and that a strong close to the week—above 1.85—should add to upward pressure on the GBP as it would reflect the highest close in a month and likely tempt trend followers to jump on the long side of the trade and encourage short position holders to cover.
Technical evidence of a strong reversal remains absent but a moderation/consolidation in the selloff seen since January looks a reasonable expectation now and may allow the GBP to rise towards 1.88/1.90.”