GBP trades at 1.35, highest since 2022 – Scotiabank

Source Fxstreet

Pound Sterling (GBP) gains are extending to near 1.35, leaving spot trading at its highest since early 2022, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Strong Retail Sales curbs easing risk

"GBP is benefiting from generally better than expected economic data—including today’s significantly stronger than expected Retail Sales rise of 1.2% (versus 0.3% forecast)—which have all but eliminated the risk of a June BoE cut and have reduced August easing risks significantly. Firmer GBP prospects and the generally soft USD trend suggest a push to the 1.40 could develop in the coming weeks."

"Strong weekly gains for the GBP suggest the broader bull trend in place since the start of the year is poised to resume. Spot gains are extending nicely above the downward-sloping channel (bull flag pattern) that developed over the past month, implying the risk of another, fairly quick and significant jump (~700bps) in the pound over the next 1-2 months. Support is 1.3430. Resistance is 1.3740/50 and 1.40."


Disclaimer: For information purposes only. Past performance is not indicative of future results.
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, 2024
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
Ethereum (ETH) Underperforms All Top 5 Major Cryptos in Brutal 2025 DowntrendDespite signs of improving momentum, with RSI climbing and EMA lines hinting at a potential breakout, ETH continues to lag behind competitors like Solana in multiple metrics.
Author  Beincrypto
Apr 23, Wed
Despite signs of improving momentum, with RSI climbing and EMA lines hinting at a potential breakout, ETH continues to lag behind competitors like Solana in multiple metrics.
placeholder
Avalanche Price Forecast: AVAX set to extend losses as Open Interest drops to one-month lowAvalanche (AVAX) trades in the green by almost 1% at press time on Wednesday, as it tests a crucial support floor that has held for over two months.
Author  FXStreet
Jun 18, Wed
Avalanche (AVAX) trades in the green by almost 1% at press time on Wednesday, as it tests a crucial support floor that has held for over two months.
placeholder
Gold price bulls seem reluctant amid hawkish Fed-inspired USD strengthGold price (XAU/USD) attracts some dip-buying during the Asian session on Thursday and recovers a part of the previous day's losses to the $3,363-3,362 area, or the weekly trough.
Author  FXStreet
20 hours ago
Gold price (XAU/USD) attracts some dip-buying during the Asian session on Thursday and recovers a part of the previous day's losses to the $3,363-3,362 area, or the weekly trough.
placeholder
Bitcoin Price Forecast: BTC on the verge of a breakdown amid possible US strike on IranBitcoin (BTC) price edges slightly higher, trading near $104,700 at the time of writing on Thursday, after stabilizing above a key level, the 50-day Exponential Moving Average (EMA) at $103,100.
Author  FXStreet
14 hours ago
Bitcoin (BTC) price edges slightly higher, trading near $104,700 at the time of writing on Thursday, after stabilizing above a key level, the 50-day Exponential Moving Average (EMA) at $103,100.
Related Instrument
goTop
quote