The British Pound (GBP) is trading lower on the session, following the general tone of the US Dollar (USD), notes Shaun Osborne, Head of FX Strategy at Scotiabank.
Risk of further relaxation on the break of the support of 1.3313
“The UK manufacturing PMI was unchanged at 51.5 in September. BoE policymaker Greene (a dissenter when the MPC voted to cut rates in August) commented that a rebound in consumer demand could lift inflation again and noted that while prices are ‘moving in the right direction,’ it was questionable how quickly progress was being made.”
“Pound gains have stalled in the low 1.34 area. A possible double top at 1.3430 deserves attention on the short-term chart. Loss of support at 1.3313 will open the downside a little more for Cable and point to a fall in the pound to 1.3195/00.”
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.
