Marginal progress per day – Scotiabank

Data released on Sunday by Rightmove showed an average 1.5% drop in asking prices for UK homes in August. However, prices were 0.8% higher on the year, notes Shaun Osborne, chief FX strategist at Scotiabank.

The 1.29 low area should remain well supported for now

“The British pound (GBP) has made marginal progress on the day so far and continues to look relatively comfortable at 1.29s. UK PMI data is released on Thursday. BoE Governor Baily is speaking at the event in Jackson Hole on Saturday.”

“GBP’s recovery from the early August lows has developed strongly but may moderate in the short term. Spot gains are supported by upbeat near-term trend indicators, but gains are showing signs of easing around 1.2954 (76.4% retracement of July/August low) this morning.”

“GBP dips to 1.28 high/low 1.29 area should remain well supported for now.”