- Analytics
- News and Tools
- Market News
- GBP/USD: Loss of support at 1.2125 will edge risks towards a retest of 1.20 area – Scotiabank
GBP/USD: Loss of support at 1.2125 will edge risks towards a retest of 1.20 area – Scotiabank
GBP/USD slips as wage data hint at moderation. Economists at Scotiabank analyze the pair’s outlook.
UK wage data for August came in a bit softer than expected
Average earnings eased to 8.1% YoY over the August quarter, down from 8.5% in July. Ex-bonus earnings eased to 7.8%, but from an upwardly-revised 7.9% in July. Markets view the break in the rising wage trend as tilting risks against another BoE hike before year-end but wage growth remains very strong overall and there is still some key data ahead (e.g. CPI on Wednesday) which may sway thinking again.
Loss of support at 1.2125 will edge risks towards a retest of 1.20 area in the next day or so, given soft/bearish underlying momentum.
Resistance is 1.2215/1.2225.
© 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
