According to Scotiabank’s Chief FX Strategist Shaun Osborne, the Pound Sterling (GBP) is currently showing little change in today’s session. The overnight price trends indicate that the decline in the Euro (EUR) has had an impact on the GBP, with the EUR/GBP pair maintaining a better offered tone as it approaches 0.84 and a potential retest of the July low at 0.8380, the lowest level since August 2022.
Osborne notes that short-term trends in the GBP have flattened out following a drop in the Cable. While spot trends are currently neutral, a break below the key support level at 1.3160 could signal further losses, potentially pushing the GBP towards the 1.3050/60 range in the coming days.
Overall, the GBP is facing some pressure due to the weakness in the Euro, but there is still potential for further decline if key support levels are breached. Traders and investors should keep a close eye on developments in the EUR/GBP pair to gauge the direction of the Pound Sterling in the near term.
**Analysis:**
The article discusses the current state of the Pound Sterling (GBP) in relation to the Euro (EUR) and highlights the potential for further decline in the GBP if key support levels are broken. Traders and investors should monitor the EUR/GBP pair for signals on the direction of the GBP in the coming days. It is important to stay informed about these currency trends to make informed decisions about investments and financial strategies.