The Pound Sterling (GBP) is a minor underperformer on the day so far after drifting back from its early London peak just under 1.32, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

GBP underperforms slightly in quiet trade

“There were no UK data reports and no comments from policymakers to drive movement—which seems more flow-driven ahead of the US data reports.”

“The GBP’s underperformance in European trade leaves a negative tinge to the intraday chart, with Cable forming a bearish outside range on the 6-hour chart.”

“Minor support sits at 1.3150/60 and weakness below here targets a retest of the 1.3090/00 zone. Resistance is 1.3195/00, ahead of 1.3255/65.”