Cable has gained back some of the ground after sliding across-the-board yesterday. What does 9 August GBPUSD technical analysis from HotForex tell us?
9 August, AtoZForex - A risk-off sentiment supported the yen and Swiss franc as safe haven currencies and assets came into demand amid an escalation in threatening rhetoric between North Korea and the U.S, with Trump promising Pyongyang “fire and fury.
9 August GBPUSD technical analysis
Sterling picked up some demand after drifting lower across-the-board yesterday. Moreover, the demand has lifted Cable back above 1.3000 after logging a three-week low at 1.2952. In addition, the UK production data, out tomorrow, is likely to be lackluster. While fundamental Brexit uncertainties will remain, something which the BoE highlighted last week as curtailing business investment decisions.
Furthermore, the UK retail sales were strong in July, according to the British Retail Consortium (BRC).The BRC expressed some caution, noting a “shrinking pool of discretionary consumer spending power,”. Thus, the BRC has highlighted the negative real income trend, which was mentioned as a concern in the BoE’s guidance last week. Also, elsewhere Swiss unemployment held steady at a seasonally adjusted 3.2% as expected.
The article about 9 August GBPUSD technical analysis was written by Stuart Cowell, the Senior Market Analyst at HotForex.
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