The Pound Sterling (GBP) is little changed on the session, but the GBP price action is leaning a little more positive, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

GBP nudges higher from intraday low

“UK Composite and Services PMIs were revised up modestly from the flash estimates (to 50.5, from 49.9 and 50.8, from 50.0 respectively). BoE Governor Bailey commented that four rate cuts in 2025 remained his base case.”

“GBP price action is leaning a little more positive, with strong gains off the early European low setting up a bullish impulse on the intraday chart. Key (bull trigger) resistance remains distant at 1.2760/65, however. A push above 1.2700 could signal a bit more intent on reaching towards those levels. Support is 1.2625/30.”