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British pound holds in mid-1.36s range before UK Budget

Scotiabank notes GBP/USD is capped by stalled upside near 1.3650, with support seen around 1.3500 and a near-term range of 1.3600 to 1.3700.

Reported · Written up by our desk · Major Pairs

Scotiabank strategists Shaun Osborne and Eric Theoret said GBP/USD has been consolidating in a tight mid-1.36 range, with a comparatively quiet UK data and central bank calendar contrasting with softer yield spreads that have weakened some underlying support.

They pointed to improved sentiment following the leadership transition to PM Burnham, but said fiscal risk is expected to remain elevated ahead of the October 28 Autumn Statement.

Technicals remain constructive, according to the bank, with the RSI just shy of its overbought level and the pound appearing to have stalled above 1.3650 near earlier peaks.

Looking ahead, Scotiabank highlighted limited meaningful resistance below the 1.3800 area for the 2026 high, while projecting support closer to 1.3500 and a near-term trading band between 1.3600 and 1.3700.

Latest closeGBP/USD 1.354 ▲0.3%

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