Pound Struggles Against Dollar Despite Strong UK Data

The British pound has failed to capitalize on strong UK economic data, remaining under pressure against a broadly stronger US dollar.

According to Scotiabank analysts, recent positive releases from the UK, including better-than-expected retail sales and services PMI figures, have not provided lasting support for the pound.

The market's focus remains on the resilience of the US economy and the Federal Reserve's policy stance, which continues to drive demand for the dollar.

Scotiabank notes that the pound may remain range-bound in the near term, with resistance levels unlikely to be tested without a significant shift in the broader market narrative.