The GBP/USD pair stages a recovery within its overall trading range, prompting analysis from economists at Scotiabank.

While the Pound Sterling (GBP) has seen a mild increase for the day, it found robust support amid intraday weakness below the 1.2700 level.

Intraday price movements indicate a bullish trend, particularly noted outside the range on the 6-hour chart. However, the momentum is characterized as soft, suggesting that the GBP rally might encounter challenges in extending gains beyond the upper 1.2700s/low 1.2800s during the session.

The broader trading range of 1.2600 to 1.2825 remains intact, emphasizing the GBP/USD pair’s resilience within this established range.