Pound Sterling (GBP) is enjoying the ride provided by the generally softer USD and the additional tow from the EUR lifting its European peers, Scotiabank's Chief FX Strategist Shaun Osborne notes. 

Sterling gains push through Cable’s 200-day MA 

"UK PMI data was left largely unchanged from the preliminary reports; February Services activity was marked down a tenth to 51.0 while the Composite index was left unchanged at 50.5." 

"Sterling gains have pushed through Cable’s 200-day MA (1.27896) and retracement resistance at 1.2764 (50% Fib of the September/January decline). Look for support on dips to the upper 1.27s from here and a further push on towards 1.29."