GBP/USD: Bulls strife to test the 1.2925 resistance – Scotibank

The Pound Sterling (GBP) has nudged a little higher in quiet Asian and European trade after closing on the lows yesterday, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

Next resistance is at 1.2925

“With little data to cue off of and calmer market conditions prevailing in stocks, GBP has benefited from some light short covering demand into the weekend.”

“Sterling is consolidating in a tight trading range. Moderate gains on the session so far are corrective but may only mark a pause in the GBP’s slide before losses resume.”

“Cable’s closing break of retracement support at 1.2879 yesterday suggests more weakness—potentially to the 1.2775/1.2825 range—is the most likely course for the pound at the moment. Resistance is 1.2925.”

Jul 26, 2024

EUR/USD: Looks well-supported on dips – Scotiabank

The Euro (EUR) is flat on the day and down only modestly on the week as it holds a neutral range trade around 1.0850, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

Major oil producers may withdraw again – Commerzbank

The price of a barrel of Brent crude temporarily traded at just over $80, close to the perceived ‘pain threshold’ of the OPEC+ production cartel: At this price level, the cartel had decided in the past to cut production in order to stabilise the market, Commerzbank’s commodity analyst Barbara Lambrecht notes.