Sterling is little changed on the session. Economists at Scotiabank analyze GBP/USD outlook.

Charts lean bullish

A positive session for the GBP on Wednesday delivered some bullish technical cues in the form of outside range signals on the intraday and daily charts. But that has not yet translated into clear upside progress in Cable.

A push through intraday trend resistance at 1.2185 is needed to lift the GBP more obviously. The charts suggest firm support on softness to the 1.2050/1.2075 zone from here, however.