GBP/USD: Remains firm above 1.30 – Scotiabank
|The Pound Sterling (GBP) is little changed—but looking relatively comfortable—above 1.30, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP set to remain on track for 1.3150
“UK government finances data showed a significantly larger than forecast borrowing requirement in July (GBP19.2bn) but the data had no impact on the GBP’s performance. Near-term direction hinges on the USD’s reaction to US jobs data revisions, the FOMC minutes and Powell’s Jackson Hole comments Friday.”
GBP remains firm, just below yesterday’s peak which was the highest print for Cable since mid-2023. Trend momentum signals are aligned bullishly for the GBP on the intraday and daily DMIs and have room to allow this move up in the GBP to develop and keep the GBP on track for 1.3150. Dips to the mid/upper 1.29s should attract support.
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.