The Pound Sterling (GBP) is flat on the session, Scotiabank’s Chief FX Strategist Shaun Osborne notes.

GBP steady on the day

“BoE MPC member Greene is speaking on the inflation outlook later today and UK markets are focused on Wednesday’s CPI data for clues on the near-term policy outlook. Swaps are pricing in only limited (3-4bps) of easing risk for the December 19th BoE decision.”

“GBP is steady on the session but the risk or more short-term losses will grow on a break under 1-year trend line support at 1.2575 currently. Resistance is 1.2700.”