- Analytics
- News and Tools
- Market News
- GBP/USD: Steadies sell-off below 1.31 – Scotiabank
GBP/USD: Steadies sell-off below 1.31 – Scotiabank
The Pound Sterling (GBP) is little changed on the session, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP little changed on the day
“Cable is showing a marginal gain intraday but there appears to be little impetus behind price action. The British Retail Consortium reported a 1.7% rise in like-for-like retail sales in the September year.”
“Spot has slipped into a minor consolidation range just below 1.31. the intraday chart does reflect a small bull hammer pattern forming in European trade to coincide with spot breaking above steep bear trend resistance off of the late August high.”
“These are mildly positive developments at least but the pound will need to show a lot more strength—above 1.3175—if it is to recover. Trend momentum on the shorter-term studies remains deeply bearish at this point. Support is 1.3050/60.”
© 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
