The Pound Sterling (GBP) is also quietly consolidating in a tight range just above the psychologically important 1.30 level and finding some modest support following the release of slightly better than expected final services and composite PMI’s (printing marginally above expectations in the low 50s), Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

Focus on fiscal & OBR forecast ahead of budget

"Focus remains squarely centered on the UK’s fiscal situation ahead of the November 26 budget, with near-term risk surrounding the OBR (Office for Budget Responsibility) estimates for productivity and the likelihood of even greater fiscal shortfalls."

"The RSI is deeply oversold in the mid/low 20s as the pound approaches the psychologically important 1.30 level. Additional support maybe found jube below the level, given March/April congestion in the mid1.28s/1.30 area. We look to a near-term range bound between 1.30 and 1.31."