The Pound Sterling (GBP) has drifted lower in line with the broader trend in the USD so far today, Scotiabank's Chief FX Strategist Shaun Osborne notes.

GBP consolidates

“PM Starmer is in Germany to try and rebuild UK/EU ties—a potential GBP-positive. BoE MPC member Mann, who dissented in favour of a hold at the last MPC policy decision, speaks at 8.15ET. A generally firm run of UK data reports in the recent past will not have allayed her concerns about an ‘upward ratchet’ to wage trends.”

“GBP is consolidating but has put minor bull trend support at 1.3235 behind it on the session, suggesting that a little more drift may develop in the short run. A low close on the session could form a bearish “harami” candle. GBP support is 1.3180.”