The British Pound (GBP) is trading modestly firmer on the daily chart today. Although the gains are mild, they may be enough to signal a pause in the GBP’s recent weakness, notes Shaun Osborneanalyst of Scotiabank FX.
The Pound shows signs of stabilization around 1.29
“The Pound is showing signs of stabilising around 1.29. There were no UK data reports today, but preliminary July PMI data due tomorrow may—or may not—help resolve equivocal market bets on the prospects for a BoE rate cut at the August 1 policy decision. Swaps suggest an 11 basis point cut is priced in at this point.”
“The British pound is trading modestly firmer on the daily chart today. While gains are mild, they may be enough to signal a pause (and possibly a bounce) in the GBP’s recent weakness. The daily candlestick pattern shows a potential ‘harami’ signal developing today, which—if confirmed by the close of trading today—should signal firmer support at 1.2900/10. Resistance is at 1.2970/75 and 1.3045/50.”
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.
