The sterling pound is a bit firmer in the session, recovering the low zone of 1.26 where the recent profits have stagnated. The CBI trends survey reflected a slight improvement-but still weak-on the total orders (-28) and a fall in sales prices (19, since 27), says Shaun Osborne, Strategist Chief of currencies of Scotiabank.
The GBP could have difficulty spreading
“Other survey data indicate a weakening of consumer confidence. Despite these challenges, the markets have reduced the expectations of BOE rates from the policy decision of the Central Bank and the cautious message about perspectives at the beginning of this month.
“Despite a weak technical closure (bassist) for the cable yesterday (reversion outside the range), the GBP has bounced moderately so far today to recover 1.26. However, the low zone of 1.26 has been a limit in the recent increase of the GBP, and probably continues to be (1,2610 is the fibonacci setback of 38.2% of the September/January fall in the cable) In 1,2555/65. “
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.
