The British Pound (GBP) is little changed and is underperforming on the session as a result, notes Shaun Osborne, Chief FX Strategist at Scotiabank.
GBP gains are limited in the lower 1.31 zone
“UK GDP was flat in July (below expectations of a 0.2% increase) and rose 0.5% in the July quarter (slightly below forecasts of 0.6%). Details were generally weaker than expected or outright weak (manufacturing).”
“The data suggest a slowdown in growth momentum after a more positive H1, but do not alter the near-term outlook for the BoE, with markets continuing to price in the low risk (4-5 basis points) of a rate cut this month.”
“Soft intraday price action continues to cap GBP gains in the lower 1.31 zone. More range-bound trading looks likely in the near term, with trend signals at very weak and neutral levels. Support is 1.3050/60. Resistance is 1.3115.”
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.
