GBP lags EUR advance but should strengthen versus USD – Scotiabank

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

GBP little changed on the day

"There were no major data reports from the UK this morning, but a KPMG survey revealed a slowdown in hiring and starting pay, according to recruiters, offering further signs that the UK jobs market is cooling."

"GBP is consolidating around retracement resistance (1.2924—61.8% Fibonacci of the 1.34/1.21 decline) as gains lag the advance in the EUR somewhat. Trend momentum remains bullish on the intraday and daily oscillators, however, and the pound should see firm support on dips to the 1.2850/75 zone. A clear push through the low 1.29s targets 1.3120."