GBP/USD: GBP is stalled in low 1.34s – Scotiabank
|The Pound Sterling (GBP) is trading lower on the session, tracking the broader tone of the US Dollar (USD), Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Rrisk of easing further on the break of 1.3313 support
“UK Manufacturing PMI was left unchanged at 51.5 in September. BoE policymaker Greene (a dissenter when the MPC voted to cut rates in August) commented that a rebound in consumer demand could lift inflation again and noted that while prices are ‘moving in the right direction’, it was questionable how quickly progress was being made.”
“Sterling gains have stalled in the low 1.34 area. A potential double top at 1.3430 warrants attention on the short-term chart. Loss of support at 1.3313 will open up the downside a little more for Cable and target a drop in the pound to 1.3195/00.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.