GBP/USD: Flat range but undertone remains soft – Scotiabank
Source Fxstreet
The Pound Sterling (GBP) is trading marginally lower on the day, reflecting the generally soft tone of the major currencies against the USD, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP consolidates in tight
“GBP is trading a bit lower on the day. GBP snap higher in the cross last week as bargain hunters fade EURGBP gains to the 0.84 area.”
“Cable is carving out a flat consolidation range on the intraday chart between 1.3060/1.3110. That is helping stabilize short-term trends but the broader undertone in GBPUSD remains negative, with a test of 1.30 support the main risk ahead.”
“Weakness below 1.30 on a sustained basis would increase chances of a deeper drop back to 1.27/1.28.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The U.S. Bureau of Labor Statistics will release the August Producer Price Index (PPI) at 8:30 a.m. ET on September 10. Against the backdrop of U.S. August non-farm payrolls significantly
On September 9, Brent crude futures broke above $100 per barrel intraday, crossing this threshold for the first time since July 24. As the military conflict between the US and Iran contin
US dollar clings to nine-week lows near 98.4 as Brent nears $100 and the yen hits a seven-month high — five events to watch todayThe dollar is pinned near nine-week lows even after a blockbuster jobs report, as an oil spike toward $100, a surging yen and China's reflation data crowd the driver's seat. Five key events to watch today: Brent at $99.46, USD/JPY at 154, China CPI/PPI, PBOC gold buying, and Thursday's PPI / Friday's CPI ahead of the September 15-16 FOMC.
The dollar is pinned near nine-week lows even after a blockbuster jobs report, as an oil spike toward $100, a surging yen and China's reflation data crowd the driver's seat. Five key events to watch today: Brent at $99.46, USD/JPY at 154, China CPI/PPI, PBOC gold buying, and Thursday's PPI / Friday's CPI ahead of the September 15-16 FOMC.
Today’s Market Recap: Oil Nears $100, US Stocks Fall, AI Chip Stocks Buck Trend as Intel Surges Over 9%Tracking Market TrendsTradingKey - On September 8 Eastern Time, the three major U.S. stock indices closed lower across the board, with the Dow falling by more than 1%. Further escalation in the Middle
Tracking Market TrendsTradingKey - On September 8 Eastern Time, the three major U.S. stock indices closed lower across the board, with the Dow falling by more than 1%. Further escalation in the Middle
Gold slumps to near $4,350 amid oil-driven inflation fears, US inflation data in focusGold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.
Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.
Related Instrument
