The sterling pound (GBP) rises a modest 0.5% against the US dollar (USD) and is recovering a part of its recent losses, says the head of FX strategy of FX of ScotiabankShaun Osborneon Wednesday.
The pound is still trapped in a range
“There have not been large publications of domestic data, although the markets have focused on the comments of the Bank of England and, specifically, on the use of leverage between investment firms to amplify risks during periods of dislocation of the market. Domestic trade data and industrial production are scheduled for publication on Friday.”
“The strong reversal of the GBP/USD last week broke its range of one month and pushed new local minimums in the lower and low zone of 1.28. The RSI has fallen below 50, in bassist territory, and There does not seem to be a clear support before the lower part of 1.27.
Source: Fx Street
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