The pound sterling (GBP) has dropped a modest 0.3% and shows relative profits against almost all the currencies of the G10, quoting once again in tandem with its peers in owners related to the trade, although it still is left behind in terms of magnitude, says the head of FX Strategy of Scotiabank, Shaun Osborne.
GBP finds a modest surprise support in retail sales
“The publication of national retail sales data seems to have offered support at the beginning of European negotiation while market participants digest the surprisingly strong (and positive) mfr of March.”
“It is unlikely that the publication influences those responsible for policies before the BOE rates of May 8, given the bias well communicated towards greater accommodation. The markets are valuing 27 basic points of relaxation for the meeting.”
“The trend remains bullish, given the sequence of higher and highest minimums. The RSI is softening but is still in upward territory. The short -term price action seems to have settled within an approximately limited range between the support in the low 1.32 and the resistance above 1,3400.”
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.
