GBP/USD: Steadies sell-off below 1.31 – Scotiabank
|The Pound Sterling (GBP) is little changed on the session, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP little changed on the day
“Cable is showing a marginal gain intraday but there appears to be little impetus behind price action. The British Retail Consortium reported a 1.7% rise in like-for-like retail sales in the September year.”
“Spot has slipped into a minor consolidation range just below 1.31. the intraday chart does reflect a small bull hammer pattern forming in European trade to coincide with spot breaking above steep bear trend resistance off of the late August high.”
“These are mildly positive developments at least but the pound will need to show a lot more strength—above 1.3175—if it is to recover. Trend momentum on the shorter-term studies remains deeply bearish at this point. Support is 1.3050/60.”
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.