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GBP unchanged within broader bull trend ahead of BoE Gov. speech – Scotiabank

Source Fxstreet

Pound Sterling (GBP) is also entering Thursday’s NA session flat vs. the USD, trading in tandem with its G10 peers and responding headline risk related to trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Bullish momentum is confirming the trend

"Domestic developments have been limited and policymakers’ speeches have not generated significant headlines market movement. BoE Gov. Bailey is scheduled to speak at 3pm ET his post-speech media interview may offer some headlines."

"Markets are currently pricing no change at the next BoE meeting on June 19 and 35bpts of easing by December, a significant reduction relative to the 95bpts that were priced on May 1."

"The trend remains bullish, given the clear sequence of higher highs and higher lows since January. Monday’s multi-month high offers near-term resistance just below 1.36 and overnight price action has confirmed the importance of near-term support around 1.3420. Bullish momentum (RSI) is confirming the trend."

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