Pound Sterling (GBP) relieved even more as escalation in geopolitical stress weighed on beliefs. Set was last at 1.3583 levels, OCBC’s FX experts Frances Cheung and Christopher Wong note.
Pullback lower not eliminated in the near term
” Daily momentum reveals tentative indications of turning moderate bearish while RSI fell. Pullback lower not eliminated in the near term. Assistance at 1.3510 (21 DMA), 1.3440 levels. Resistance at 1.3630 (over night high).”
“” Today’s concentrate on BoE (Thursday). No modification is anticipated, however weaker labour market report and disadvantage surprise to development currently saw markets contribute to rate cut expectations later on this year. Dovish tilt in MPC vote might see GBP extend current pullback.”
Source: FXstreet.
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