GBP consolidates in mid-1.29s – Scotiabank

FXStreet Insights Team FXStreet

Pound Sterling (GBP) is little changed on the session after UK GDP data fell 0.1% in the January month, a little weaker than forecast, Scotiabank's Chief FX Strategist Shaun Osborne notes.

GBP/USD appears to be consolidating ahead of another push higher

"The rolling 3m/3m measure rose 0.2%, in line with forecasts. Weak January activity was the result of global uncertainty and tariff concerns, UK Chancellor Reeves suggested, but the UK economy’s struggle to grow away from stagnation continues, regardless."

"The GBP has not made a lot of headway this week but it hasn’t lost much ground either. The GBP rally has stalled but there is no strong sign from price action that recent gains are poised to reverse. Rather, the market appears to be consolidating ahead of another push higher. Short -term support is 1.2910. Resistance (and minor bull trigger) is 1.2955 and 1.2990."

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