British Pound: Range trade holds ahead of Q2 GDP against US Dollar – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note the British Pound (GBP) is slightly firmer versus the US Dollar (USD), with modestly better PMIs but a fading fundamental backdrop as 2-year spreads give back gains since late June.
Scotiabank strategists Shaun Osborne and Eric Theoret highlight the British Pound (GBP) as slightly stronger against the US Dollar (USD). Despite modestly improved Purchasing Managers' Indexes (PMIs) and a lessening underlying strength, they maintain a medium-term bullish outlook, anticipating GBP/USD to trade between 1.3420 and 1.3520 in the near term.
Within a broader range of 1.31–1.35, the pound enters the trading session with a slight 0.1% increase versus the USD. With limited data before the August 13 Q2 GDP release, the analysts remain cautiously optimistic, expecting GBP/USD to stay within this range.
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