GBP quiet ahead of data highlights later in week – Scotiabank
|The Pound Sterling (GBP) is entering Wednesday’s NA session unchanged vs. the US Dollar (USD), with limited overnight movement reflecting the absence of any major data releases, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.
Recent pullback has dragged momentum back to neutral
"Friday’s trade and industrial production figures remain this week’s domestic highlight, as they will inform BoE discussions into the August meeting—which includes a forecast update. The BoE has released its Financial Stability Report, offering headline risk but nothing material in terms of movement."
"The trend is bullish but the recent pullback has dragged momentum (RSI) back to neutral (50). We remain bullish above 1.35 and the 50 day MA (1.3486), the latter offering trend support throughout the recent rally. We see near-term support below 1.3550 and resistance above 1.3650."
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