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

GBP little changed on the day

“Cable is showing a marginal gain intraday but there appears to be little impetus behind price action. The British Retail Consortium reported a 1.7% rise in like-for-like retail sales in the September year.”

“Spot has slipped into a minor consolidation range just below 1.31. the intraday chart does reflect a small bull hammer pattern forming in European trade to coincide with spot breaking above steep bear trend resistance off of the late August high.”

“These are mildly positive developments at least but the pound will need to show a lot more strength—above 1.3175—if it is to recover. Trend momentum on the shorter-term studies remains deeply bearish at this point. Support is 1.3050/60.”