GBP REBOUNDS FROM MID-1.31S – SCOTIABANK
UK CPI data that came earlier dampened already low BoE easing expectations for the upcoming meeting, while the Pound Sterling (GPB) pushed higher on the data to retest yesterday’s highs in the low 1.32s, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Core and services CPI gain, dousing BoE bets
“UK CPI data were in line with expectations. The data dampened already low BoE easing expectations for tomorrow’s meeting even further. Sterling pushed higher on the data to retest yesterday’s highs in the low 1.32s.”
“A solid intraday rebound from the mid 1.31 zone puts a positive spin on short-term GBP price action but gains have stalled around 1.3225/30, near yesterday’s high. Broader price patterns and solidly bullish trend signals suggest a bias towards GBP gains and firm support on minor dips.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.