GBP/USD Range-Bound Ahead of BoE Meetings

The British Pound (GBP) is trading flat against the US Dollar (USD), but has softened on other crosses, according to Scotiabank's Global FX Strategy team.

UK PMI data showed modest expansion in the low 50s, but offered little new insight. The markets are pricing minimal tightening for the September Bank of England (BoE) meeting and modest moves for November.

The GBP/USD technicals are neutral to bearish, with support around 1.3500-1.3450, although the broader trend from June remains bullish.