British Pound: Sterling recovery eyes 1.36 caps against US Dollar – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret observe that the British Pound (GBP) is consolidating gains near the top of its one-month and multi-month ranges, with price action closely tied to fading downside risk reversals.
Scotiabank analysts Shaun Osborne and Eric Theoret report that the British Pound (GBP) is experiencing a consolidation near the top of its one-month and longer-range trading levels. The technical analysis indicates resistance at 1.3600-1.36, with support in the middle to lower 1.34s. The pound's upward movement is influenced by a decline in downside risk sentiment and a more favorable yield spread outlook.
The upcoming Q3 GDP report and trade production data for June provide limited market releases. Technical indicators suggest a potential for further gains, with a near-term trading range between 1.3450 and 1.3550. The GBP/USD pair has been volatile, fluctuating around the 1.3500 mark amid ongoing political instability in the Middle East and slight gains in the US Dollar.
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