GBP holds trading range versus USD – Scotiabank

FXStreet Insights Team FXStreet

The RICS House Price Index rose to 25 in November, up from 16 in October. The index sits at its strongest level in two years, reflecting a steady improvement in the UK housing market since last year’s trough, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

GBP eases slightly against EUR

“The Pound Sterling (GBP) is trading at a small loss to the USD on the session, allowing a minor rebound in EURGBP, but Cable is essentially range-trading and the broader trend in EUR/GBP remains strongly negative.”

“Cable continues to hold in a flat trading range around the 1.2750 point. Support is 1.2710/15. Resistance is 1.2800/10. Short term trend momentum is weakening, suggesting that the range trade may extend a little longer.”

“EUR/GBP has developed a minor gain from this week’s low near 0.8225. Rebounds towards 0.8260/65 resistance are likely to attract sellers.”

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FXStreet Insights Team

FXStreet

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