The sterling pound (GBP) rises a modest 0.2% and surpasses most of the G10 currencies in a quiet trade, the FX strategy leaders of Scotiabak, Shaun Osborne and Eric Theoret report.
The GBP’s medium -term trend is still bullish
“There have been no fundamental launches, and the markets are focused on trade and industrial production data on Friday, which will inform the discussions of the BOE as we approach the next meeting of August 7.
“The BOE comments are still decidedly Dovish, and the markets are paying attention while they value 22 basic relaxation points for the next meeting and just over 50 basic points of cumulative relaxation for December.”
“The GBP’s medium -term trend remains bullish, but the last consolidation has stolen impulse. The RSI is neutral, floating just above 50. We continue to highlight the importance of the 50 -day MA (1,3493) as a level of medium -term support and we see the short -term limited range between the 1,3520 support and the resistance of 1,3680.”
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.
