GBP/USD: range persists between 1.40/45 – Scotiabank

By FXStreet Analysts at Scotiabank explained current affairs surrounding GBP/USD.

Key Quotes:

“PM Cameron continues to struggle with the personal aftermath of the “Panama Papers” revelations and there may be some interest on the April 15th date which is the “official” start of campaigning for the EU referendum. Polls continue to show the stay/leave camps in a virtual tie.

GBP/USD has found a bid on the back of a weaker EUR/GBP and some outright support from the 1.41 area so far today.

The platform for the bounce in Cable may have been last week’s stalled move lower which ran out of momentum around 1.4050 again.

Gains back above the 40-day MA (1.4208) confers some strength on the charts but this is the seventh cross above/below this benchmark in almost as many weeks and suggests a market that is struggling for direction more generally. Range trade to persist for now between 1.40/1.45.”
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Source:: FX Street