GBP/USD: Likely to hold within the recent 1.2600/1.2800 range for a little longer – Scotiabank

GBP/USD is holding a neutral point within the recent 1.2600/1.2800 trading range. Economists at Scotiabank analyze the pair’s outlook.

Short-term technicals lean bearish

Traders have little to go on and Cable is likely to hold within the recent 1.2600/1.2800 range for a little longer.

Trend signals are flat to slightly negative on the shorter-term studies but price action does have a mildly negative look to it on the short-term chart, with GBP gains developing a bearish wedge pattern over the past few sessions (negative on a break under 1.2685/1.2690). Resistance is 1.2735/1.2740.