The Pound Sterling (GBP) is also up a marginal 0.1% against the US Dollar (USD) as it attempts to consolidate Monday’s losses, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
Markets eye Nov 26 budget
“The UK’s bond market turbulence looks to have calmed somewhat, however the fiscal situation will remain a key driver for the GBP as markets look to the November 26 budget release. In terms of fundamentals, the final services PMI offered a modest upside surprise, printing 54.2 vs. the prior/expected 53.6. The mid-50 area is notable and relatively elevated, when compared to peers.”
“The latest price action is suggestive of support, stabilization, and possible recovery as we note the extended lower shadows in Tuesday and Wednesday’s candles. The RSI is in bearish territory below 50, but only marginally so. We see the potential for gains back toward the 50 day MA (1.3488) and look to a near-term range bound between 1.3350 support and 1.3450 resistance.”
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