The Pound Sterling (GBP) is unchanged on the session, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

GBP needs to extend above 1.2890 to gain momentum

“There were no UK data reports today and the pound has been left idling in a range in the mid-1.28s against the USD in very quiet trade.”

“Cable’s steady drift from the July 17th peak at 1.3044 is showing signs of reversing. A bullish daily close for the GBP yesterday supports the idea that the GBP has run its course for now.”

“Spot is testing trend resistance off the mid-July high at 1.2860 this morning but the GBP may need to extend above 1.2890 to really gain momentum intraday. Support should be firm now on dips to the low 1.28s.”