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GBP/USD: Signs of firm support on declines to 1.2650 – Scotiabank

According to Scotiabank economists, the Pound remains range-bound against the Dollar, but declines to the 1.2650 area remain well supported.

The Pound will strengthen and regain the mid/upper zone of 1.2750 if it breaks 1.2680/1.2685

The British pound is slightly below the midpoint of its two-month trading range, having retreated from levels near 1.2700 earlier in the week.

The short-term trend momentum is bearish, but there are signs of firm support on the declines towards the lows of 1.2650 on the intraday chart.

Spot gains should extend through the short-term resistance at 1.2680/1.2685 in the next day to allow the Pound to strengthen and regain the 1.2750 level or above.

Source: Fx Street

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