UniCredit holds a bear position on the pound

Dealers noted that the continuing demand for the British currency from corporate accounts has enabled it to stabilize and even recover the losses incurred earlier in the pair with the dollar and euro, but less tangible attempt to continue to attract growing interest of vendors. Bulls in the pound / dollar managed to overcome Ofer of $ 1.4575/85, and now they are trying to gain a higher, but at the same time meet with a good interest in selling in the region of $ 1.4590/00. Dealers noted that the break above the figure to continue the restoration of $ 1.4615/20 and $ 1.4640/50, and currency strategists UniCredit does not preclude such scenarios, however, doubt that after the latest data on GDP and the budget of the British bulls may expect significant growth. The bank believes that the risks of reducing the pound / dollar a marked increase in the break of support at $ 1.45, and if that happens, recommend to open short positions, noting that it is still adhere to the forecast for the end of the quarter at $ 1.38.