GBP grind higher extends – Scotiabank

Cable has advanced steadily over the course of the Asian and European sessions to near 1.35 after UK Retail Sales rose 0.5% in July, a little better than the expected 0.3% M/M gain, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

GBP overlooks Retail Sales revisions

"However, overall retail sales activity so far in 2025 was weaker than previously reported, due to an error in seasonal adjustments, the ONS reported. Sterling gains have extended through the 40– and 100-day MA signals over the past two sessions, putting spot within reach of recovering to the 1.35 area."

"Regaining the recent peaks around 1.3545/50 would confer a little more strength on the technical outlook and put the pound on track to test major resistance at 1.3595/00. Support is 1.3440."