GBP/USD trades a little weaker but downside potential looks limited in the short run, in the view of economists at Scotiabank.Weakness through the mid-1.23 area could signal more downside risk in the short run
Positive price action last week suggests firm support for the GBP should emerge on modest weakness through the upper 1.23 area but trends are not well defined at the moment and weakness through the mid-1.23 area could signal more downside risk for the Pound in the short run.
Gains above 1.2460 are needed to drive Sterling higher.
EUR/USD drops below 1.0700 as USD gathers strength
EUR/USD has lost its traction and dropped below 1.0700 after having spent the first part of the day fluctuating near that level. Mixed data releases from the Eurozone makes it difficult for the Euro to find demand, while the cautious market stance supports the US Dollar.
EUR/USD News
GBP/USD struggles to hold above 1.2400
GBP/USD stays under bearish pressure and trades in the negative territory near 1.2400 on Tuesday. Following Monday’s choppy action, the US Dollar Index clings to daily gains above 104.00 and weighs on the pair as markets look for the next fundamental driver.
GBP/USD News
Gold continues to fluctuate near $1,960
Gold price struggles to capitalize on Monday’s recovery gains and trades in a narrow band at around $1,960 on Tuesday. The benchmark 10-year US Treasury bond yield holds steady near 3.7% and doesn’t allow XAU/USD to gather bullish momentum.
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