GBP/USD: Marginal progress on the day – Scotiabank

FXStreet Insights Team FXStreet

Data released Sunday by Rightmove showed a 1.5% fall average asking prices for UK houses in August. Prices were 0.8% higher in the year, however, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

Low 1.29 area should remain well-supported for now

“The Pound Sterling (GBP) has made marginal progress on the day so far and continues to look relatively comfortable in the upper 1.29s. UK PMI data are released Thursday. BoE Governor Baily speaks Saturday at the Jackson Hole event.”

“GBP’s rebound from the early August low has developed strongly but it may moderate in the short run. Spot gains are supported by bullish, short-term trend indicators but gains are showing signs of easing around 1.2954 (76.4% retracement of the July/August drop) this morning.”

“GBP dips to the high 1.28s/low 1.29 area should remain well-supported for now.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD remains bid, focus stays on 1.1900

EUR/USD has broken its two-day run of losses and is ticking modestly higher on Thursday, hovering around the 1.1880 area as the US Dollar struggles to find clear direction. Weekly Initial Jobless Claims rose more than expected, taking a bit of shine off the Greenback, but markets are largely in wait-and-see mode ahead of Friday’s US CPI release.

GBP/USD sticks to the bid bias, still below 1.3700

GBP/USD is trading with decent gains around 1.3650 on Thursday. Indeed, Cable is attempting to shake off the weakness seen earlier in the week amid another choppy session for the Greenback, while a run of disappointing UK data has so far failed to derail the pair’s tentative recovery.

Gold recedes slightly, trades below $5,100

Gold remains stuck in choppy trade on Thursday, deflating marginally just below the $5,100 mark per troy ounce as the US Dollar drifts without a clear trend. Softer US Treasury yields across the curve are offering some support, but with markets treading carefully ahead of Friday’s US CPI release, conviction remains limited and price action continues to look hesitant.