British Pound: Range trade with upside risk against US Dollar – Scotiabank
Scotiabank’s Global FX Strategy team notes that Sterling remains modestly firmer, with GBP/USD continuing to pivot around long-term moving averages near 1.34.
British Pound maintains modest firmer position, trading within a range around the 1.34 level against the US Dollar, according to Scotiabank’s Global FX Strategy team. The pair has been pivoting near long-term moving averages, indicating neutral to bullish short-term technicals. While last week's rise has hinted at upside potential, gains through the 1.35 zone may enable the pound to retest a recent high of 1.3555/60.
Support is identified slightly lower at 1.3390/00. Sterling’s performance has been modestly firmer on Tuesday, but limited trading due to the absence of UK data reports. EUR/GBP remains stable, with the US Dollar facing modest downside pressure from hopes of a diplomatic resolution to the Middle East crisis.
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