The Pound Sterling (GBP) is marginally firmer on the day, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP retains a firm undertone
“A soft US Dollar (USD) undertone and technical momentum are the essential drivers of GBP gains absent any major domestic news.”
The GBP retains a firm undertone and, having regained a 1.30 handle, a push on to retest or better the July high at 1.3044 looks a fairly easy reach from here. Bullish trend strength oscillators on the intraday, daily and weekly charts suggest limited scope for GBP losses—look for corrections to be limited to the low/mid 1.29s for now.
A push back under 1.2890/00 would signal a more significant setback, however.
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