Created
: 2024.10.29
2024.10.29 22:01
The Pound Sterling (GBP) is little changed while Gilts are a little softer in line with the broader tone in fixed income as UK markets are brace for tomorrow's budget announcement, Scotiabank's Chief FX Strategist Shaun Osborne notes.
"More spending (investment in health services, for example) and more debt issuance is expected after Chancellor Reeves announced changes in the way the government measures indebtedness to give it more room to manoeuver and achieve its policy goals."
"GBP's late week rebound has not developed any further upside momentum so far this week. In fact, spot has tended to stick very close to the 100-day MA (1.2974) over the past couple of sessions after rebounding to that point last Thursday."
"Price action still holds some promise of improvement though and gains through 1.2995/00 could still see the pound extend to the 1.3070/75 area. Support is 1.2910."
Created
: 2024.10.29
Last updated
: 2024.10.29
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy