GBP off early session low – Scotiabank

Pound Sterling (GBP) is also quiet and extending is recent consolidation around 1.29 ahead of Wednesday’s US tariff announcement, Scotiabank's Chief FX Strategist Shaun Osborne notes. 

GBP is holding within recent ranges

"There have been no fundamental releases or comments from BoE policymakers, leaving market participants squarely focused on sentiment and the market tone. As with EUR (and the ECB), the UK rates markets are pricing about 20bpts of easing for the next BoE meeting on May 8." 

"Policymakers have been shifting toward a more neutral stance and a fade in expectations for BoE cuts should offer some near-term support to GBP. The RSI is flattened out just above 50 (neutral), offering little in terms of momentum. Recent congestion has been centered in the low 1.29s roughly bound between the mid-1.28s and levels just above 1.30."