GBP/USD is the big mover today, trading lower near 1.2650. Economists at Scotiabank analyze the pair’s outlook.
Return to the mid-1.27s likely on a break past 1.2680
Short-term price signals suggest some loss of momentum for cable today, although spot holds a consolidation range, longer-term signals are still positively aligned for the pound.
Intraday support is 1.2650 and 1.2630. Loss of support through the latter point could see weakness extend to the mid/upper 1.25s.
Resistance is 1.2680, with the return to the mid-1.27s likely above there.
