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The Pound Sterling (GBP) is marginally firmer on the day, Scotiabank’s Chief FX Strategist Shaun Osborne notes. GBP retains a firm undertone “A soft US Dollar (USD) undertone and technical momentum are the essential drivers of GBP gains absent any major domestic news.” The GBP retains a firm undertone and, having regained a 1.30 handle, a push on to retest or better the July high at 1.3044 looks a fairly easy reach from here. Bullish trend strength oscillators on the intraday, daily and weekly charts suggest limited scope for GBP losses—look for corrections to be limited to the low/mid 1.29s for now. A push back under 1.2890/00 would signal a more significant setback, however. Source: https://www.fxstreet.com/news/gbp-usd-the-13044-level-looks-easy-to-reach-scotiabank-202408201300

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Filed under: News - @ August 20, 2024 2:21 pm