UK mixed data, election turmoil weigh on Pound Sterling – Scotiabank

Source Fxstreet

Data from the United Kingdom reflects a mixed picture of the economy. The Pound Sterling (GBP) has underperformed on the week relative to most of its core peers, Scotiabank’s Chief FX Strategist Shaun Osborne says.

GBP struggles to find foothold

“UK Retail Sales rose a stronger than expected 2.9% in May, reflecting a rebound in activity after a depressed April (revised slightly higher to 1.8%). PMI data reflected slightly stronger than expected Manufacturing (51.4) but the Services and Composite data were below consensus estimates.”

“Sterling’s technical tone has weakened in the past few sessions. Recall that the GBP closed bearishly on the week last Friday. Loss of support in the upper 1.26s leaves the Pound struggling for a foothold amid some clear deterioration in the intraday and daily trend strength oscillators.”

“Support is 1.2580 (50% retracement of the April/June rebound). Look for resistance on minor rebounds to the upper 1.26s from here.”

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Copper Long-term forecast: Will Copper Price Expected To Soar In 2023?The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Author  Mitrade
Mar 13, 2023
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
placeholder
Bitcoin CME gaps at $35,000, $27,000 and $21,000, which one gets filled first?Prioritize filling the $27,000 gap and even try higher.
Author  FXStreet
Aug 21, 2023
Prioritize filling the $27,000 gap and even try higher.
placeholder
Japanese Yen stands tall near one-month top against USD on hawkish BoJ talksThe Japanese Yen (JPY) rallied to the highest level since early February against its American counterpart on Friday amid bets for an imminent shift in the Bank of Japan's (BoJ) policy stance.
Author  FXStreet
Mar 11, Mon
The Japanese Yen (JPY) rallied to the highest level since early February against its American counterpart on Friday amid bets for an imminent shift in the Bank of Japan's (BoJ) policy stance.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, Mon
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Trump lead over Biden/Harris jumped after RNC- HarrisX/Forbes pollInvesting.com-- Republican candidate Donald Trump widened his lead in the 2024 presidential race after his official nomination during the Republican National Convention last week, a HarrisX/Forbes poll showed.
Author  Investing.com
6 hour ago
Investing.com-- Republican candidate Donald Trump widened his lead in the 2024 presidential race after his official nomination during the Republican National Convention last week, a HarrisX/Forbes poll showed.
goTop
quote