Flash: GBP on the back foot temporarily - Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that Sterling was already weak into the NA session driven by a disappointing December employment release.

Key Quotes:

“The economy added just 193k jobs 3m/3m versus consensus expecting 250k; and the unemployment rate rose unexpectedly to 7.2%. The BoE minutes reiterate a focus on economic slack while noting that interest rate hikes will be gradual and dependent on economic developments."

"GBP/USD short‐term technicals: bullish spot has drifted lower by as long as it doesn’t close below the open from January 24th of 1.6637, technicals will continue to warn of the risk of further upside."