GBP/USD: More range trading in Cable in the short run

GBP/USD trades flat on the day after failing to hold gains to the upper 1.2600s. Economists at Scotiabank analyze the pair’s outlook.

Support is 1.2600, resistance is 1.2665

The GBP/USD pair failed to generate much lift and Cable’s intraday peak around 1.2665/1.2770 on Tuesday morning may have set a short-term ceiling for Cable after Monday’s push higher.

More range trading looks likely in the short run.

Support is 1.2600/1.2610. Resistance is 1.2665/1.2675.

See: USD to remain resilient, downside risks to the GBP in the months ahead – HSBC

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