The British Pound (GBP) It was a very slight loser on the day and is now turning slightly bullish, in line with its dovish tone since the spot rate peaked in mid-July, notes chief FX strategist Shaun Osborne.
GBP creeps higher above 1.2700
“The UK housing market softened somewhat in July, according to RICS survey data released last night, but the underlying data was a little more encouraging.”
“GBP’s downtrend from the mid-July high above 1.30 remains intact, but losses have been slowing in recent sessions and the pound may be finding a support point around the 200-day moving average (1.2660).”
“Reclaiming 1.2735 would be a minor positive for the Pound. A break above 1.2775 is needed to trigger a bullish reversal in price action at this point.”
Source: Fx Street
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