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Cable has slipped back under 1.30 and has lost some ground versus the Euro (EUR) after the cross snapped higher from yesterday’s two-year low below 0.84, Scotiabank’s chief FX strategist Shaun Osborne notes.
GBP to continue up to 1.3045/50 resistance zone
“UK average weekly earnings data rose 5.7% (ex-bonus pay also rose 5.7%) in the MarchMay periods, unchanged from the previous reading. Unemployment was steady at 4.4%, as expected. The data were in line with expectations but hardly bolster the case for an August rate cut from the BoE (11-12bps priced in).”
“Cable weakness back under 1.30 represent a minor setback for the Pound Sterling (GBP). The underlying trend remains favourable and losses should remain limited amid bullishly aligned trend strength oscillators across a range of time frames. Intraday support sits at 1.2940/50. Minor resistance is 1.3045/50.”
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