Pound Sterling (GBP) is firmer on the session, with the EUR’s gains still proving the GBP with its essential dynamism, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP lags EUR gains driving a jump in EUR/GBP
“The pound has lagged the jump in the EUR, however, resulting in a jump in EURGBP back above 0.84 to ate January levels. UK data reports remain few and far between. The British Retail Consortium’s February survey of retail activity reflected softer than expected sales last month, with non-food sales falling 0.1%.”
“GBP is still effectively in consolidation mode, holding within the consolidation range that formed late last week and held yesterday. Cable gains need to push on through the consolidation range ceiling (1.2948) to progress towards 1.30/1.31. Support is 1.2860.”
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