The sterling pound (GBP) is entering Wednesday’s NA session with a gain of 0.1% against the US dollar (USD) but with losses compared to most of the other currencies of the G10, quoting erratically in response to the publication of stronger inflation data than expected, says Shaun Osborne, FX Head of FX of Scotiabank.
The RSI is bullish but it is not yet overcompared
“The BOE feat cuts have been reduced, with the markets eliminating ~ 5 basic relief points for December, compared to Tuesday. These adjustments are offering some support to the pound through the differentials, paving the way for a fundamental rate support after erosion (narrowing) observed since the beginning of April.”
“GBP/USD looks well supported, pushing towards a new maximum of several years, reaching levels not seen since February 2022. The RSI is bullish but is not yet overcompared, and the resistance is limited before the psychologically important level of 1.35.”
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.
