The pound sterling (GBP) maintains a firm tone against the USD, reaching the level of 1.30 for the first time since November before slightly retreat, says Shaun Osborne, head of Strategy of FX of Scotiabank.
Solid trend impulse signals through a variety of time frames
“Once again, GBP profits reflect the widest trend in the USD, instead of specific developments in the United Kingdom. Markets anticipate a risk of marginally lower relaxation of the BOE during the rest of the year (around 50 basic points) compared to the Fed (around 60 basic relaxation points currently incorporated) before the policy decisions of this week of both central banks.”
“The GBP has made a marginal technical progress in the last 24 hours, but the upward movement is still well backed from a technical point of view (solid tendency impulse signals through a variety of time frames) and there is only one minor resistance ahead (1,3045/50) of a thrust to test the low zone of 1.31 (setback resistance in 1,3120). The support is 1.2925.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
