GBP/USD: Losses should find support on dips to the mid-1.26 zone – Scotiabank

GBP/USD slips back in range but strong base in low 1.26s remains intact, economists at Scotiabank report.

Short-term price action is GBP-bullish

Short-term price action is GBP-bullish after spot made another strong recovery from the low 1.26 zone where Cable has found support since the start of the month. 

A rejection of the range base should tilt risks towards a pushback to the range ceiling (1.2820) at least in the short run. 

GBP gains have faded a little so far today but losses should find support on dips to the mid-1.26 zone intraday. Major support remains 1.2620.