The sterling pound (GBP) has risen around 0.6% against USD and is an intermediate yield between its G10 peers, returning to the congestion range of 1.29-1.30 that had prevailed before the turbulence of rates last week, says Shaun Osborne, head of Scotiabank FX Strategy.
The strong recovery of the GBP/USD is remarkable
“The foundations are changing in favor of Libra as markets reduce their expectations for BOE relaxation, offering support through broader margins between the United Kingdom and the US. U.S. Publications of industrial production and trade on Friday should keep the focus on domestic foundations.”
“The strong recovery of the GBP/USD is remarkable. The fall of the RSI in bearish territory (below 50) has proven to be short-lived, and the approach is now in the congestion range of 1.29-1.30 that had prevailed during much of March and the first days of negotiation of April. Resistance between 1.31 and 1.32 is expected, while it is expected to support below 1.28.”
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.
