GBP weakness extends. Economists at Scotiabank analyze Cable’s outlook.More downside risk for Sterling.New cycle lows for the GBP and strongly aligned bear signals on the short, medium and long-term trend strength oscillator imply more downside risk for Sterling.
Loss of support in the 1.24 zone targets additional losses to 1.21/1.22.
Resistance is 1.2350
EUR/USD stays near 1.0650 after German and EU PMI data
EUR/USD stays near 1.0650 after German and EU PMI data
EUR/USD continues to trade at around 1.0650 in the European session on Friday. The PMI data from Germany and the Eurozone showed a recovery in the service sector’s business activity in early August, helping the Euro hold its ground.
EUR/USD News
GBP/USD trades deep in red near 1.2250 after UK data releases
GBP/USD trades deep in red near 1.2250 after UK data releases
GBP/USD stays on the back foot and trades deep in negative territory at around 1.2250 on Friday. Following the disappointing Retail Sales data from the UK, August PMI surveys showed that the private sector’s business activity continued to contract, weighing on Pound Sterling.
GBP/USD News
Gold rebounds but not out of the woods yet
Gold rebounds but not out of the woods yet
Gold price is recovering ground from the weekly low of $1,914 ahead of a busy Friday, packed with preliminary global PMI data releases. The United States Dollar (USD) is taking a breather even though the US Treasury bond yields are setting fresh multi-year highs.
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