The Pound Sterling (GBP) is little changed on the session after dropping back against the USD in late trade yesterday, Scotiabank's Chief FX Strategist Shaun Osborne notes.

GBP little changed on the day

"UK data showed a smaller than expected, 0.1% rise in UK house prices in the Nationwide’s survey for January. Prices are up 4.1% in the year, down from December’s 4.7% clip."

"Spot is a little softer on the session but GBP losses are holding a little above the mid-week low (where a bullish 'hammer' pattern formed) at 1.2393. Cable should find support around 1.2390/95 today but it may be hard to resist a broader strengthening in the USD in the coming days."

"A deeper retracement of the mid-January rebound to test the 1.23 are looks a risk. Resistance is 1.2460/70."