Pound Sterling (GBP) is a little stronger on the session but, again, trends largely reflect the broader tone of the USD rather than any GBP-specific developments, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
EUR/GBP rebound nears major trend resistance
“Hefty GBP losses versus the EUR this week may draw a veil over the GBP’s longer run improvement on the cross—at least for now– and solidify EURGBP support around the 0.82 point.”
“Cable gains are testing retracement resistance (61.8% Fibonacci resistance of the 1.34/1.21 drop seen between September and January) at 1.2924. A clear push through the low 1.29s targets additional retracement gains towards 1.31. Support is 1.2865. Note that EUR/GBP’s rebound is nearing major trend resistance at 0.8425.”
Read the full article here