Pound Sterling (GBP) had a uneven session in a single day. Pair was final at 1.3533 ranges, OCBC’s FX analysts Frances Cheung and Christopher Wong notice.
Every day momentum is flat
“GBP fell at first as a result of softer than anticipated prints for April GDP, industrial manufacturing, then later erased losses to commerce above 1.36-handle at one level after USD fell broadly (as US PPI underwhelmed).”
“However the transfer above 1.36 was short-lived as geopolitical escalation between Israel and Iran noticed GBP ease decrease. Every day momentum is flat whereas RSI fell. Pullback decrease within the close to time period not dominated out. Assist at 1.35 (21 DMA), 1.3440 ranges. Resistance at 1.3630 (in a single day excessive).”
