Final UK services PMI and composite data for August were revised modestly higher to 53.7 and 53.8 (from 53.3 and 53.4 respectively), notes Shaun Osborne, chief FX strategist at Scotiabank.
GBP consolidates in the low range of 1.31
“Details were also constructive. Improving sentiment is boosting spending and hiring, surveys suggest. Somewhat stronger economic momentum won’t stop BoE rate cuts, but the easing process will likely be relatively slower than that of major central banks. Sterling is broadly unchanged in today’s session.”
“A tight and rangebound range is potentially developing on the daily chart, while the intraday chart suggests the pound is attempting to break above the short-term downtrend (1.3105) from last week’s high for Cable. A break above 1.3155 would add short-term momentum for the pound. Support at 1.3090/00.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
