GBP tests key resistance in low 1.24s – Scotiabank
Source Fxstreet
The Pound Sterling (GBP) is tracking its major currency peers higher against the USD on the session—but is lagging the EUR somewhat, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
PMI data and USD softness push GBP/USD upwards
“UK PMI data was also supportive, however. Services PMI rose to 51.2 in January, ahead of forecasts of 50.8. Manufacturing also improved to 48.2.”
“A nice turn higher is developing on the Cable charts. The weekly reflects a potential bullish ‘morning star’ cancel pattern (assuming a firm close today) while the daily chart shows spot testing major trend resistance (off the late September peak) at 1.2417—which coincides with initial retracement resistance at 1.2415.”
“A firm daily close should see GBP gains extend towards 1.25/1.26.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
On-chain data shows HODLing behavior remains dominant among the Bitcoin investors despite the fact that the price is near the all-time high (ATH).
On July 4, Alibaba Group announced the successful completion of its zero-coupon exchangeable bond issuance , raising HKD 12.023 billion (approximately USD 1.53 billion).
Silver consolidates the previous two days' gains and remains pinned near $37.00.
The USD/JPY pair falls over 0.4% to near 144.30 during European trading hours on Friday.
On Thursday in the US, a stronger-than-expected June non-farm payroll report dashed hopes for a rate cut in July.
Related Instrument
