- Analytics
- News and Tools
- Market News
- GBP/USD: Steadies after mild technical rebound from Thursday’s low – Scotiabank
GBP/USD: Steadies after mild technical rebound from Thursday’s low – Scotiabank
This morning’s round of UK data was broadly weaker than forecast—Industrial Production fell 0.5% in September as manufacturing slumped, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP steadies near term
“Services and construction output also fell, producing a 0.1% drop in monthly GDP (versus 0.2% forecast) and helping pull growth for Q3 overall down to 0.1% (versus 0.2% forecast). Sterling is up fractionally against a generally softer USD on the day but softer growth has helped limit gains to just over 0.1% intraday, the weakest gain of the major currencies.”
“Similar to the EUR chart, the GBP is showing signs of steadying after a bullish technical reaction to Thursday’s low point (1.2630) put in a short-term reversal on the intraday chart. Sterling has picked up a little support in European trade but needs to push on through 1.2710/20 for gains to develop more in the short run I think.”
“Gains are likely to be capped in in the low 1.28s for now—look for firm resistance at 1.2830.”
© 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
