GBP/USD: Trading soft short term – Scotiabank
|Rightmove House Price data for October were released over the weekend and showed a moderate (0.3%) rise in house prices last month, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP holds trading range around 1.30
“Prices were up 1.0% in the year (down a little from September’s 1.2% gain). Sterling is just along for the ride this morning, tracking losses among the core majors against the USD absent any market-moving news.”
“Cable is soft but holding within its recent trading range. The technical undertone remains weak, leaving spot prone to renewed losses and a retest of last week’s 1.2974 low. Resistance (minor bull trigger potentially) is 1.3065 on the day.”
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.