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GBP quietly consolidating recent push to multi-year high - Scotiabank
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GBP quietly consolidating recent push to multi-year high - Scotiabank
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2025.05.30 21:02
2025.05.30 21:02
2025.05.30 21:02
Pound Sterling (GBP) is soft, trading down a modest 0.1% against the US Dollar (USD) and a mid-performer among the G10, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Multi-month trend is bullish
"GBP appears to be consolidating following Monday's push to a fresh multi-year high, lacking any meaningful domestic catalyst in a relatively quiet week, data wise. Next week's calendar also offers little, with third tier data and a few scheduled BoE speakers."
"This week's BoE speeches were generally cautious on growth with mild-concern about inflation as Gov. Bailey said that 'we have been predicting this hump in inflation for a long time' and spoke to concerns about second round effects."
"The multi-month trend is bullish and GBP/USD has continued its push to fresh multi-year highs, nearly reaching 1.36 on Monday. Momentum is also bullish, with an RSI close to 60 leaving ample room for further gains ahead of the overbought threshold at 70."
Last updated
: 2025.05.30
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