Pound Sterling (GBP) is little changed on the day but is a mild outperformer on the session as a result, with the pound relatively safe from the trade uncertainty that is overshadowing some of its peers still, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
BoE policy decision Thursday in focus
“The BoE policy decision Thursday is the prime focus for UK markets this week, but a 1/4 point cut in the target rate to 4.00% is all but fully priced in.”
“Sterling is also consolidating the hefty gains from Friday’s intraday low versus the USD just below the 100-day MA resistance at 1.3348. Friday’s bullish outside range reversal should mark a major low/ reversal for the pound and bring a halt to the July slide. Support is 1.3250/55. Above 1.3355/65 targets a push higher to the low 1.34 area at least.”
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