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Mar 29 - 12:55 PM

GBP/USD: Strong April Seasonals May Result In Price Rallying To Upper End Of Channel - BofA

By eFXdata  —  Mar 29 - 10:51 AM

Bank of America Global Research discusses GBP/USD seasonal outlook and sees a scope for a rally in April.

"GBPUSD is still in a declining channel and hasn't formed a bottom yet despite seeing some reason to speculate on that last month. The markets showed support for price at 1.30 in March and we presume this is a level buyers may defend until something fundamental/macro changes to weaken GBP. Since 1999 in April, GBP/USD is up 78% of the time, in May is down 78% of the time and in June up 61% of the time," BofA notes. 

"We consider long GBP/USD on a March month end dip while still above 1.30 support. The top of the channel in April is at 1.35," BofA adds. 

Source:
BofA Global Research

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