GBP/USD: Bullish picture looks weaker, but with a still broadly positive trajectory – Scotiabank

GBP/USD remains depressed below the 1.26 mark. Economists at Scotiabank highlight the key levels to watch on the cable.

The mid-1.25 area stands as support

“The pound’s failure to extend its rally past the mid-1.26s over the past few days and a break under its upward-sloping trendline since mid-May leaves the GBP-bullish picture looking weaker, but with a still broadly positive trajectory.”

“Resistance is ~1.2630 followed by firmer at 1.2660/70 (the Fri and Mon highs) and then the big figure.”

“The mid-1.25 area is support followed by the big figure zone.”