GBP advance lags core peers – Scotiabank

Pound Sterling (GBP) is firmer on the day but has struggled to keep up with its core G10 peers over the week, Scotiabank's Chief FX Strategist Shaun Osborne notes.

UK February GDP gains strongly

"UK data today reflected a solid rise in February GDP (up 0.5% M/M versus a forecast 0.1% rise). Services and construction were firmer but a (pre-tariff?) jump in manufacturing (+2.2%) in the month drove gains."

"GBP has found it harder to advance this week but GBP dips met with solid support below 1.27 and a firm close on the week (above 1.30 for the first time since October perhaps) suggests the pound should be able to advance further and the days/weeks ahead. Resistance is 1.32 and a push above here targets 1.34. Support is 1.2975/00."