According to Scotiabank's Chief FOREX Strategists Shaun Osborne and Eric Theoret, the GBP is up a slight 0.2% vs the USD and is outperforming the majority of the G10 currencies heading into Wednesday's NA session.
It appears like the GBP will move closer to the 1.35 mark.
The BoE's Mann has made neutral remarks, suggesting a desire for a "longer hold on rates," while domestic data releases have been restricted to the final manufacturing PMI (46.2), as anticipated. since markets extend out their expectations for BoE easing, we see potential for additional gains since UK-US spreads are expanding in a way that supports the GBP.
"A fourth straight session of slight advances has brought the pound back to its 50-day MA (1.3464), causing the GBP's technicals to flip back to neutral. Along with the RSI's return to the 50 mark, the GBP is poised to move closer to the 1.35 mark, which has served as the focal point of its flat multi-month range. A short-term range bound between 1.3420 and 1.3520 is what we are looking for.
It appears like the GBP will move closer to the 1.35 mark.
The BoE's Mann has made neutral remarks, suggesting a desire for a "longer hold on rates," while domestic data releases have been restricted to the final manufacturing PMI (46.2), as anticipated. since markets extend out their expectations for BoE easing, we see potential for additional gains since UK-US spreads are expanding in a way that supports the GBP.
"A fourth straight session of slight advances has brought the pound back to its 50-day MA (1.3464), causing the GBP's technicals to flip back to neutral. Along with the RSI's return to the 50 mark, the GBP is poised to move closer to the 1.35 mark, which has served as the focal point of its flat multi-month range. A short-term range bound between 1.3420 and 1.3520 is what we are looking for.
