GBP soft but steady as range holds in low 1.31 area – Scotiabank

FXStreet Insights Team FXStreet

Pound Sterling (GBP) is fractionally lower, reflecting the broader US Dollar (USD) gains versus most of its peers, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

GBP is holding within the confines of the range

"The final UK Manufacturing PMI for October was revised up a tenth to 49.7, the highest in a year but still the 13th consecutive month below the 50 level."

"The GBP is soft buy holding within the confines of the range seen last Friday. A limited short-squeeze could develop above 1.3145/50, with the charts suggesting that a minor bull reversal pattern could be developing (potential to 1.3200/10). Support is 1.3100/05."

Author

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.

EUR/USD holds above 1.1850 ahead of US data

EUR/USD stabilizes above 1.1850 after suffering heavy losses to end the previous week. The pair remains vulnerable to further downside as the US Dollar stays firm following President Donald Trump’s nomination of Kevin Warsh as the next Fed Chair. The focus now shifts to the US ISM Manufacturing PMI data.

GBP/USD recovers to 1.3700 region following earlier drop

GBP/USD clings to small daily gains near 1.3700 after sliding toward 1.3650 earlier in the day. Traders weigh what a Federal Reserve under Kevin Warsh might look like, helping the US Dollar stay resilient against its peers and limiting the pair's upside ahead of the ISM Manufacturing Purchasing Managers Index report from the US.

Gold rebounds from monthly-low, stays below $4,800

Gold recovers from the monthly low it touched near $4,400 at the weekly opening but remains in negative territory below $4,800. The precious metal continues its downtrend after reaching historic highs last week as Kevin Warsh's nomination as the next Fed chair eases concerns over the US central bank’s independence, bolstering the US Dollar recovery. US ISM PMI Manufacturing PMI data is awaited.

Cardano dips below $0.28 as bears eye October 2023 lows

Cardano price trades in red, slipping below $0.28 at the time of writing on Monday, following a correction of more than 15% in the previous week. The broader crypto market remains under pressure, with Bitcoin slipping below $75,000 on Monday.

Warsh effect ripples through markets, central banks on deck this week

The first full month of the year is behind us, and, honestly, it has been rather more dramatic than most had anticipated when toasting the New Year. We wrapped up last week with US President Donald Trump announcing his Fed Chair pick.

Bitcoin slips below $75,000 as selling pressure accelerates

Bitcoin (BTC) price falls below the $75,000 mark on Monday, having corrected nearly 11% in the previous week and reaching level not seen in nearly 10 months. Market momentum has clearly turned bearish, with technical indicators pointing to further downside toward the next key support at $70,000.