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Barclays Capital: how to trade GBP/USD?

Strategists at Barclays Capital recommend selling both EUR/GBP and GBP/USD on the coming week. They maintain an upbeat view on the UK economy and believe “the markets are pricing too much dovishness from the BOE”. However, a hawkish Fed is dominant in the pound/dollar pair.

"We are bearish on the GBPUSD and would use upticks as an opportunity to sell at better levels. Our initial downside target is at the recent range lows near 1.5945. Below there would confirm further downside towards greater targets near 1.5850 and then the 1.5720 area," analysts project. 

Chart by Barclays Capital

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