The Pound Sterling (GBP) is trading flat against the US Dollar (USD), consolidating around 1.3500 as weak construction PMI data fails to generate a market reaction. While the broader trend remains bullish, fading momentum suggests GBP/USD may stay range-bound between 1.3450 and 1.3550 in the near term, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.

UK-US spreads ease as momentum cools

“The pound is also trading flat to the USD as it consolidates in a tight range around 1.3500. The release of second-tier construction PMI figures has offered little in terms of a market reaction, with the index disappointing slightly to a deeply contractionary print of 40.1.”

“UK-US spreads have faded somewhat over the past couple of days, drifting to the lower end of a rising channel from early November. There are no scheduled BoE speakers ahead of next week, leaving the focus squarely centered broader developments in the absence of high level domestic data releases.”

“The trend from early November is bullish, with a rising channel observed from support just above 1.3500. Bullish momentum is fading however, as we note the pullback in the RSI from overbought levels around 70 to mildly bullish readings closer to 60. We note the importance of the 200 day MA at 1.3388, and we look to a near-term range roughly bound between 1.3450 and 1.3550.”

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