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5 Jan 2015
GBP/USD might move towards 1.5100 - OCBC Bank
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, notes that the GBP/USD pair might move towards 1.5100 levels if it fails to re-take the 1.5500 region.
Key Quotes
"The disappointing Dec manufacturing PMI reading of 52.5 only facilitated the cable’s decline past 1.5400 on Friday (and briefly below 1.5300 early Monday). Structurally, expectations of a BOE rate hike in 2015 have been all but quashed and the next significant waypoint is expected only towards 1.5100 if 1.5500 is not re-taken."
Key Quotes
"The disappointing Dec manufacturing PMI reading of 52.5 only facilitated the cable’s decline past 1.5400 on Friday (and briefly below 1.5300 early Monday). Structurally, expectations of a BOE rate hike in 2015 have been all but quashed and the next significant waypoint is expected only towards 1.5100 if 1.5500 is not re-taken."