The GBP/USD currency pair is maintaining its range below the crucial level of 1.2610. Analysts at Scotiabank provide insights into the pair’s current situation.
Sturdy Support Identified at 1.2530
Despite recording a notable gain on the daily chart on Thursday, the pair has struggled to extend its rebound in subsequent trading sessions. The British pound finds strong support at the 1.2530 level, as indicated by the long-term chart. However, GBP/USD is still grappling with a net loss for the week, and it has difficulty holding onto minor gains during the current session.
Potential for Technical Support Above 1.2610
Scotiabank suggests that a decisive move above the 1.2610 level could offer the pound additional technical support. Such a move would set the GBP/USD pair on a trajectory toward potential gains in the mid to upper 1.2600s range.
