Title: Pound Sterling Continues to Rise on Positive PMI Data, Analysts See Bullish Momentum
The Pound Sterling (GBP) remains strong as positive sentiment surrounds yesterday’s PMI data, according to Scotiabank’s Chief FX Strategist Shaun Osborne.
Osborne notes that the GBP’s technical picture shows little weakness, with improving growth momentum and wages supporting a cautious outlook for UK rates in the coming months. The market is not anticipating another rate reduction until November.
The current bull run from the early August low has progressed as expected, reaching just below 1.3140, near the July 2023 high. Intraday trend support is at 1.3110, and any losses below this level may indicate minor corrective dips. However, support is expected in the mid to upper 1.30s.
Analysis:
The Pound Sterling’s strong performance is fueled by positive PMI data and overall market sentiment. Analysts believe that the GBP’s technical outlook is bullish, with potential for further gains in the near future. This information is crucial for investors and individuals looking to understand how the GBP’s performance can impact their finances.