GBP/USD: Bullish gains through 1.2780/1.2810 may turn the tide – Scotiabank

FXStreet Insights Team FXStreet

The Pound Sterling (GBP) is marginally softer on the session but, like the EUR, trading has comfortably held its recent trading range, Scotiabank chief FX strategist Shaun Osborne notes.

GBP may strive to break above 1.2780/1.2810

“UK focus this week falls primarily on UK inflation data Wednesday. Prices may pick up in headline Y/Y terms and look a bit sticky across other measures. Services inflation is expected to slow only marginally to 5.5% Y/Y. Elevated prices should bolster the outlook for cautious BoE policy easing moving ahead and help bolster support for the GBP on dips.”

“Price action remains constructive for the GBP after the pound carved out a clear bull reversal (“morning star” pattern) on the daily candle chart last week. Progress is slow but the gains have broken the back of the downtrend in place since mid-July. Support is 1.2725/30. Gains through the 1.2780/1.2810 resistance band should see the GBP rebound extend to the upper 1.28s.”

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: Breakdown below trading range support near 1.1770 comes into play

The EUR/USD pair opens with a bearish gap at the start of a new week as the US-Iran war-led global flight to safety boosts the US Dollar. Spot prices, however, lack follow-through selling and manage to hold above mid-1.1700s during the Asian session.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold retreats from $5,400; still up over 1% amid Middle East tensions

Gold retreats from the $5,400 neighborhood, or its highest level since late January, touched in the Asian session on Monday, though it manages to hold above the $5,300 round figure. The bright metal opened with a bullish gap of about $17 and rallied toward the $5,400 level as Asian traders hit their desks and reacted negatively to the weekend news of the US and Israel attacks on Iran, rushing for cover in Gold.

Top Crypto Losers: Tezos, Toncoin, and Polkadot at crucial levels amid US-Israel strike on Iran

Altcoins such as Tezos, Toncoin, and Polkadot rank among the worst hit cryptocurrencies over the last 24 hours amid the US and Israel's attack on Iran. Tezos and Toncoin are down to crucial support levels while Polkadot remains near a crucial resistance trendline, showcasing underlying strength.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.