GBP/USD: Marginal progress on the day – Scotiabank

Data released Sunday by Rightmove showed a 1.5% fall average asking prices for UK houses in August. Prices were 0.8% higher in the year, however, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

Low 1.29 area should remain well-supported for now

“The Pound Sterling (GBP) has made marginal progress on the day so far and continues to look relatively comfortable in the upper 1.29s. UK PMI data are released Thursday. BoE Governor Baily speaks Saturday at the Jackson Hole event.”

“GBP’s rebound from the early August low has developed strongly but it may moderate in the short run. Spot gains are supported by bullish, short-term trend indicators but gains are showing signs of easing around 1.2954 (76.4% retracement of the July/August drop) this morning.”

“GBP dips to the high 1.28s/low 1.29 area should remain well-supported for now.”