The British Pound (GBP) is weaker, in line with its major currency pairs, says Shaun Osborne, Chief FX Strategist at Scotiabank.
GBP trades weaker on the day
“There were no UK data reports to shape trading this morning and, like the EUR, GBP trading largely reflects the broader USD tone ahead of the US CPI data. today. However, the British pound is a relative better performer over the past 3 months, reflecting the slow-moving policy developments at the BoE. That trend should continue, supporting GBP’s gains on the crosses.”
“The GBP is trading towards the lower end of last week’s trading range, but found firm support at the lows of 1.27 during European trading. The daily price action looks a bit weak, however, a low close for the pound today would signal further risk of losses in the coming days following last week’s failure to challenge the 200-day moving average. Support is at 1.2700/10 and resistance is at 1.2630. 1.2775 and 1.2825.”
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.
