The sterling pound (GBP) is also silently consolidating its last impulse towards a new maximum of several years, negotiating just below Thursday’s local maximum in the upper part of 1.37, Shaun Osborne and Eric Theoret report, Scotiabank FX Chief Strategies.
GBP is consolidating profits promoted by differentials
“As with the EUR, this week’s profits have been promoted by the differentials between the United Kingdom and the US that have returned to positive territory. The data calendar has also been limited to the PMI, with the manufacturing slightly in contraction and the slightly enhancing services.”
“The next week’s calendar offers little beyond the final publication of the GDP of the first quarter, leaving the focus centered on broader developments and the risk of BOE holders with a specific approach in the Central Banking forum of the ECB in Sintra, given the assistance of the governor of the BOE, Bailey. The trend is up of the overcompra threshold in 70. “
“The appearance of a negative divergence (the impulse does not confirm the maximums in the spot) is something worrying, but we remain bullish for now and we will be attentive to any sign of a change. The 50 -day mobile average (1,3438) remains a critical level of medium -term support and the graph offers little important resistance before the psychologically important level of 1.40. The short -term range will probably be defined by the support in 1,3600 and resistance in 1,3800. “
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.
