GBP flat vs. USD, trading just below Monday’s multi-year high – Scotiabank

Pound Sterling (GBP) is entering Wednesday’s NA session unchanged vs. the US Dollar (USD), trading flat around 1.3500 just below Monday’s multi-year high, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Key BoE speakers give speeches on Wed & Thur

"Domestic developments have been limited and there are no major economic releases scheduled in the calendar. BoE Chief Economist Pill will be speaking at 11am ET, ahead of Gov. Bailey on Thursday. Pill has maintained a bias to ‘cautious and gradual’ cuts while comments from the Governor have been limited. Markets are pricing a hold for the next meeting on June 19 and 35bpts of cuts by December."

"The trend from January is bullish and GBP/USD is currently trading just below its multi-year high reached on Monday. Momentum is bullish and the RSI’s current reading of 62 is still well shy of overbought levels closer to 70. We look to near-term support in the mid-1.34s and resistance in the upper 1.35s."