GBP/USD holds support in mid-1.23 zone. Economists at Scotiabank analyze the pair’s technical outlook.Resistance stands at 1.2450.“The technical damage to the Pound thus far is limited.”
“Cable is consolidating yesterday’s gains rather than reversing them at this point and the early week break above short-term trend resistance (now support) at 1.2355 is just about holding. Short-term support extends to the 1.2335 level intraday but while resistance stands at 1.2450.”
“Weakness through 1.2335 leaves 1.23 exposed and will bolster the potential for Sterling to drop back to the 1.21 area.”
EUR/USD stays below 1.0700 after soft German inflation data
EUR/USD continues to trade in negative territory below 1.0700 on Wednesday. After the data from Germany revealed a decline in monthly CPI inflation in May, the Euro is having a difficult time staging a rebound. Investors keep a close eye on US debt-limit news.
EUR/USD News
GBP/USD stabilizes above 1.2350 ahead of Fedspeak
GBP/USD has gone into a consolidation phase above 1.2350 after having tested that level earlier in the day. The US Dollar preserves its strength mid-week as investors await comments from Federal Reserve officials and the debt-limit vote.
GBP/USD News
Gold holds ground near $1,960 as US yields decline
Gold price holds steady near $1,960 despite the broad-based US Dollar strength on Wednesday. The benchmark 10-year US Treasury bond yield is down more than 1% on the day below 3.7%, helping XAU/USD limit its losses ahead of the debt-ceiling debate.
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