- Analytics
- News and Tools
- Market News
- Relatively narrow range-trading for GBP on the crosses ahead of the fiscal update – Scotiabank
Relatively narrow range-trading for GBP on the crosses ahead of the fiscal update – Scotiabank
Sterling is softer, in line with most of its peers, in the session. In the view of economists at Scotiabank, GBP caution is likely to prevail ahead of Autumn Statement on Thursday.
Key support is 1.1550
“Markets await Chancellor Hunt’s Autumn Statement on Thursday. Hunt faces a delicate balance of trying to shore up UK policy credibility to reassure markets and the GBP, whilst making spending cuts and revenue enhancements that do not weaken already soft support for the Conservatives even further.”
“Expect relatively narrow range-trading for the GBP on the crosses ahead of the fiscal update.”
“Cable gains look to have stalled on the short-term chart. Broader trends – bullish longer-term price signals and the break above the major bear trend in place since the start of the year – remain intact, however.”
“We spot support at 1.1625/35. Key support is 1.1550. Resistance is 1.2045 (50% Fibonacci retracement of the 2022 decline).”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
