Price action in the GBP/USD pair looks contained to a 1.35-1.36 range for the most part. While a move above 1.36 is not ruled out in the short-term, economists at Scotiabank expect cable to resume the downtrend towards the 1.34 level.
Intraday support aligns at 1.3525/30 followed by 1.3500/90
“The GBP’s range-trade of 1.35-1.36 is now going on two weeks, and while shorter-term price action suggests the next move will be a break above 1.36 and 1.3650, the GBP remains in a half-year downtrend that points to an eventual test of 1.34.”
“Intraday support is 1.3525/30 followed by 1.3500/90 and the mid 1.34s area.”