GBP tracks broader tone in the USD – Scotiabank

The Pound Sterling (GBP) is trading up a modest 0.2% vs. the USD and is a midperformer vs. the G10, Scotiabank's Chief FX Strategist Shaun Osborne notes. 

GBP/USD regains mid-1.29s

"Relief on trade is offering support via sentiment in the absence of UK data, as market participants consider the positive shift in the US administration’s tone on tariffs and assess the implications for the broader European economic outlook." 

"GBP remains well supported in the lower-1.29 area, however the pound appears unable to extend Monday’s sharp intraday gains. A break of the mid-1.29s should allow for a near-term extension toward recent resistance around 1.3020."