GBP gains through 1.2380 may drive more strength towards 1.2425/50 – Scotiabank

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

GBP little changed

"BoE rate setter Mann justified her sudden switch from rate hawk to dove with the need to 'cut through the noise', suggesting that she feels her colleagues are moving too slowly on cuts. Governor Bailey clearly favours a cautious and gradual approach to easing, however."

"Cable’s drift back from last week’s high has steadied around the 61.8% retracement of the Monday/Wednesday rally. Intraday price action looks mildly positive, with spot forming a bullish outside range on the 6-hour chart through European dealing. GBP gains through 1.2380 in our session may drive a little more strength towards 1.2425/50 in the short run. Support is 1.2325."