GBP weak, underperforming with pro-risk currencies – Scotiabank

The Pound Sterling (GBP) is currently weak, down 0.6% against the US Dollar (USD) and underperforming most of the G10 currencies amid a broad-based USD strength, according to Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret.

### Focus on Fiscal News and BoE

Fiscal developments are dominating market sentiment in the absence of economic data releases. Attention remains firmly on Chancellor Reeves and her efforts to adhere to self-imposed fiscal rules, which are considered essential to maintaining market confidence. Although the budget is still several weeks away (scheduled for November 26), market participants and government officials are closely monitoring the Chancellor’s plans.

“The GBP’s correlation to spreads is elevated, suggesting a strong relationship to fundamentals at the moment—a key risk for the pound heading into this Thursday’s Bank of England (BoE) meeting,” the strategists noted. The BoE is expected to hold rates, with approximately 8 basis points of easing priced in.

### Technical Outlook

From a technical perspective, the Relative Strength Index (RSI) is below the oversold threshold of 30 and has now entered deeply oversold territory in the mid-20s, levels that rarely sustain. There appear to be no major support levels before the psychologically important 1.30 mark.

Looking ahead, the GBP is expected to trade within a near-term range bound between 1.3020 and 1.3120 as market participants digest ongoing fiscal developments and await the upcoming BoE meeting.
https://bitcoinethereumnews.com/finance/gbp-weak-underperforming-with-pro-risk-currencies-scotiabank/

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