GBP soft but steady as range holds in low 1.31 area – Scotiabank

Pound Sterling (GBP) is fractionally lower, reflecting the broader US Dollar (USD) gains versus most of its peers, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

GBP is holding within the confines of the range

"The final UK Manufacturing PMI for October was revised up a tenth to 49.7, the highest in a year but still the 13th consecutive month below the 50 level."

"The GBP is soft buy holding within the confines of the range seen last Friday. A limited short-squeeze could develop above 1.3145/50, with the charts suggesting that a minor bull reversal pattern could be developing (potential to 1.3200/10). Support is 1.3100/05."