The British Pound (GBP) remains almost unchanged just below 1.30. The focus in the UK falls squarely on Wednesday’s UK CPI report, notes Shaun Osborne, Chief FX Strategist at Scotiabank.
A retest of the July high at 1.3155 could develop
“Headline price growth could fall below 2% for the first time since 2021, but markets will want to see clear progress in services inflation (expected to ease by just one-tenth to 5.6%) to reinforce expectations of a rate cut on August 1 (around 50% chance, based on current market assessment).”
“GBP/USD is largely unchanged on the session so far after consolidating solid gains over the past week just below 1.30. Spot gains are well supported by intraday, daily and weekly DMI signals, and Cable is making solid gains above the long-term (18-year) trend resistance (1.2645). A clear move above 1.30 suggests a retest of last July’s high of 1.3155 could develop. Support is 1.2850/80.”
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.
