GBP holds in low 1.29 zone – Scotiabank

FXStreet Insights Team FXStreet

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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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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