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Sterling heating up on key fundamentals - Scotiabank

FXStreet (Barcelona) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the conditions surrounding the pound.

Key Quotes

"GBP has rallied, entering the NA session up 0.2% and having closed the gap opened on September 8th, when markets had the first opportunity to trade on the narrowing Scotland polls. The rally came on the back of a building bias for a ’no’ vote and well before the mixed employment report and BoE minutes, with GBP softening slightly on these releases."

"Labour data was better than expected on earnings and the unemployment rate, which fell to 6.2%; while the change in employment was disappointing, rising just 74k 3m/3m versus the 120k expectation. The BoE minutes provided few surprises, with the voting pattern unchanged at 7‐2. Thursday’s Scottish vote has many market participants stepping away from risk."

"GBP/USD short‐term technicals: mixed with support at 1.6233 and resistance at 1.6330 followed by 1.6400; however following the Scottish vote we see support at 1.5500 and resistance at 1.6600."

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