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GBP outperforms modestly – Scotiabank
The post GBP outperforms modestly – Scotiabank appeared on BitcoinEthereumNews.com. The Pound Sterling (GBP) is a moderate outperformer on the session, holding fairly comfortably in the mid-1.27s versus the USD, Scotiabank’s Chief FX Strategist Shaun Osborne notes. EUR/GBP weakens on the day “The BoE’s slow-moving policy adjustment process is driving spreads wider in the GBP’s favour against the EUR, with the cross trading at its lowest since 2022 after breaking out of a 1-month consolidation range which formed around 0.83. The GBP retains a somewhat positive technical undertone against the USD on the intraday chart, with Cable holding a sideways consolidation range around the 1.2750 area.” “But the 200-day MA (1.2822) remains a block on gains and the USD retains a fair degree of residual bull momentum on the daily and weekly charts which will limit the pound’s ability to strengthen for now at least. EUR/GBP is bearish.” “The cross has broken out on the downside of its recent consolidation range, trend strength oscillators are aligned bearishly across short-, medium– and long-term studies and there is nothing in the way of a test of major support at 0.82. The cross has not traded below this point since Brexit. A push below here would be very significant from a technical point of view I believe.” Source: https://www.fxstreet.com/news/gbp-outperforms-modestly-scotiabank-202412101351
The post GBP outperforms modestly – Scotiabank appeared on BitcoinEthereumNews.com.
The Pound Sterling (GBP) is a moderate outperformer on the session, holding fairly comfortably in the mid-1.27s versus the USD, Scotiabank’s Chief FX Strategist Shaun Osborne notes. EUR/GBP weakens on the day “The BoE’s slow-moving policy adjustment process is driving spreads wider in the GBP’s favour against the EUR, with the cross trading at its lowest since 2022 after breaking out of a 1-month consolidation range which formed around 0.83. The GBP retains a somewhat positive technical undertone against the USD on the intraday chart, with Cable holding a sideways consolidation range around the 1.2750 area.” “But the 200-day MA (1.2822) remains a block on gains and the USD retains a fair degree of residual bull momentum on the daily and weekly charts which will limit the pound’s ability to strengthen for now at least. EUR/GBP is bearish.” “The cross has broken out on the downside of its recent consolidation range, trend strength oscillators are aligned bearishly across short-, medium– and long-term studies and there is nothing in the way of a test of major support at 0.82. The cross has not traded below this point since Brexit. A push below here would be very significant from a technical point of view I believe.” Source: https://www.fxstreet.com/news/gbp-outperforms-modestly-scotiabank-202412101351
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