The Pound Sterling (GBP) is up 0.2% in opposition to the US Greenback (USD) and a mid-performer among the many G10, making an attempt stabilization within the mid-1.34s following an aggressive pullback from its July 1 multi-year excessive, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
RSI is marginally bearish simply above 40
“There have been no main knowledge releases and market members wish to Wednesday’s CPI launch as the subsequent main occasion danger. The discharge is unlikely to shift expectations for the BoE, the place markets are pricing one 25bpt lower on the subsequent assembly on August 7. Current BoE communication has been dovish, with a selected give attention to issues associated to the labor market.”
“The most recent pullback appears to be like to have struggled to increase a lot under the 50 day MA (1.3501), a degree of medium-term help. The RSI is marginally bearish simply above 40 and we glance to a near-term vary certain between 1.3400 help and 1.3520 resistance.”
