Cable posted yet another bearish signal yesterday, confirming a topping pattern suggesting increased bearish risks. With widening pressure also mounting on UK 5yr CDS spreads, we prefer to maintain our focus lower for GBP/USD. However, on the heels of a basing pattern in USD/CAD noted earlier this week, the USD is also catching a small bid against some of the other commodity currencies (NZD/USD reversed against range highs) albeit within their ranges of the past two weeks.
Click here to read full report:
Barclays_Daily_FX_Technical_Strategy_-_Pound_losing_its_premium