Forex Flash: To short or not to short GBP/USD?

Forex Flash: To short or not to short GBP/USD?

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Forex Flash: To short or not to short GBP/USD? - Commerzbank, Danske Bank and UBS

FITITOL--> FXstreet.com (Barcelona) - The three banks disagree again on how to trade GBP/USD. The Copenhagen based bank, Danske Bank, says in its daily technical report to “buy at 1.6072 for a 1.6335 objective, stop at 1.6002.", while Commerzbank suggests to “assume short 1.6100, add 1.6160 and place the stop over 1.6185. Cover 1.5900.” UBS's Chris Walker sees the pair at 1.62 in the next month and at 1.62 in the following three months.

Earlier today it was announced that the UK is officially in recession after its quarterly GDP growth rate registered a second consecutive negative reading (-0.3%, followed by today's -0.2%). UK YoY GDP growth did worse than expected, reaching 0.0% while the 3 month change of the Index of Services came in line with forecasts at 0.2%. The numbers for the CBI Industrial Trends survey for orders came out worse than expected, with an 8% drop.

The pair is currently trading at 1.6123, down by 0.12%.