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
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