GBP/USD: finding its footing down at 1.2895? - Scotiabank

Analysts at Scotiabank noted the recent updates for the pound.

Key Quotes:

"UK PMI data for Jun were modestly disappointing, with the CIPS services and composite readings both coming in a tenth under expectations at 53.4 and 53.8 respectively – and lower versus May’s readings."

"BoE MPC Saunders warned last night that UK households should be prepared for rates to rise “at some point”; the comments had little effect on the GBP in our session Tuesday, however. Saunders voted for a rate increase last month—one of the three MPC dissenters – so his views are hardly surprising."

"Cable retains a soft undertone on the intraday charts but may be finding its footing around the 1.2895/00 area, where minor trend support comes in today."