GBP Softens on Disappointing PMI, CBI Data – Scotiabank

The British Pound edged lower against the US Dollar on Monday, pressured by soft UK Purchasing Managers' Index (PMI) figures and disappointing CBI industrial trends data. Scotiabank analysts Shaun Osborne and Eric Theoret noted that the market's muted reaction suggests lingering fiscal worries are capping any potential recovery for the pound.

The strategists highlighted that the GBP/USD pair remains vulnerable as investors weigh the impact of recent economic data and ongoing budget concerns. The pair continues to trade within a narrow range, with resistance likely to hold near recent highs.

No specific technical levels were provided in the report, but the overall tone suggests a bearish bias for sterling in the near term as long as fiscal and economic headwinds persist.