GBP/USD: soft, consolidating just above the 100 DMA - Scotiabank

Analysts at Scotiabank explained that GBP is soft and a mid-performer among the G10 in an environment of broad-based USD strength, consolidating near the 100 day MA (1.2867). 

Key Quotes:

"GBP appears to have largely ignored upside surprise to the most recent retail sales figures. Commentary has focused on the moderation in the annualized growth figure hovering just above its recent four year low. 

Bank of England rate hike expectations are steady, pricing a roughly 23% chance of a 25bpt hike by December. 

There are no major domestic releases scheduled ahead of the (2nd) release of Q2 GDP on August 24."