USDJPY
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USDJPY
GBP holds tight range with mild bearish bias – Scotiabank
Key Takeaways (30s Read)
GBP is drifting towards 1.33 support after last week's highs, with limited domestic risk until upcoming data.
GBP is currently drifting towards the 1.33 support level after last week's highs. According to Scotiabank's FX strategists, domestic risk is limited until Friday's upcoming data releases, reinforcing a mild bearish bias around the GBP. Traders will be closely monitoring the response of the currency as it approaches the support level, although the current short-term trend remains uncertain. Without clear upward momentum, cautious sentiment prevails in the market, and participants should prepare for potential volatility during the data release.
AI Analyst
AI Opinion
"The market overall remains very limited in its movements as participants await key data releases. A breach of the 1.33 support could increase downside risks for GBP; however, there are currently few bullish signals evident. Depending on the outcomes of economic indicators, volatility could increase, especially if results diverge significantly from expectations. Traders will need to carefully assess the unfolding situation, as operating in such an uncertain environment carries its own risks."
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