GBP/USD: Trading soft short term – Scotiabank

Rightmove House Price data for October were released over the weekend and showed a moderate (0.3%) rise in house prices last month, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

GBP holds trading range around 1.30

“Prices were up 1.0% in the year (down a little from September’s 1.2% gain). Sterling is just along for the ride this morning, tracking losses among the core majors against the USD absent any market-moving news.”

“Cable is soft but holding within its recent trading range. The technical undertone remains weak, leaving spot prone to renewed losses and a retest of last week’s 1.2974 low. Resistance (minor bull trigger potentially) is 1.3065 on the day.”