GBP is consolidating recent rally – Scotiabank

GBP to remain bullish medium-term

"The absence of domestic data releases and central bank events leaves the pound vulnerable to trading on broader developments and the market tone, with some risk from the ECB as well. We see the balance of risk as being tilted to the upside, and remain bullish GBP from a longer-term perspective."

"GBP/USD appears to be consolidating following an impressive 7-session rally however we see no major resistance ahead of the September 2024 high around 1.34. Near-term support is expected between 1.3220 and 1.32."

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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Gold is struggling to capitalize on a weaker US Dollar, after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.

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Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.