Pound Sterling (GBP) is down slightly on the session, but price moves largely reflect the broader tone on the USD, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
UK forgoes US steel tariff response
“The UK has decided against snap retaliation against US steel tariffs and will instead push for broader talks on trade to avoid additional measures.”
“Cable continues to consolidate around Fib retracement resistance in the low 1.29 zone. Short-term trend momentum remains bullish, suggesting limited scope for GBP losses now; look for support at 1.2875/80. Resistance (bull break out trigger) is 1.2975.”
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