GBP/USD: Scope for significant weakness looks limited – Scotiabank
Source Fxstreet
GBP/USD is little changed after pivoting narrowly around the 1.2600 level. Economists at Scotiabank analyze the pair’s outlook.
GBP pivots around mid-point of its recent trading range
Cable is trading about midway between recent range extremes (1.2525/1.2685).
Broader price trends are tilting somewhat bearish and trend momentum signals are supporting the soft undertone in price action. Recent Sterling losses towards 1.2500 have attracted better demand, however, and scope for significant GBP weakness looks limited in the context of some softening in the broader USD trend.
Look for more range trading for now.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Gold Price Forecast: Will Gold Keep Falling After Dropping Below $4,300 as US-Iran Conflict Drives Up Oil Prices?As of the Asian trading session on September 2, gold prices (XAUUSD) fell below $4,300 intraday to a low of $4,282.45, with the latest price hovering around $4,320, down nearly 9% cumulat
As of the Asian trading session on September 2, gold prices (XAUUSD) fell below $4,300 intraday to a low of $4,282.45, with the latest price hovering around $4,320, down nearly 9% cumulat
As of the Asian session on September 2, international oil prices surged, with WTI crude (USOIL) reclaiming $90, and Brent crude (UKOIL) rising above $95, reaching a high of $97.04; meanwh
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, regains positive traction on Tuesday and climbs back above the mid-99.00s during the first half of the European session.
West Texas Intermediate (WTI) oil price gains ground for the second successive day, trading around $85.60 per barrel during the Asian hours on Tuesday.
The US and Iran exchanged direct fire again after more than a month, rapidly escalating shipping risks in the Strait of Hormuz and pushing international oil prices back above $90 a barrel
Related Instrument
