GBP/USD: bearish/neutral technical outlook, 1.29 to break? - Scotiabank

Analysts at Scotiabank noted the softness surrounding the pound and explained their bearish outlook.

Key Quotes:

"GBP/USD short-term technicals: bullish-neutral.

GBP appears to be struggling to sustain gains above the 50 day MA at 1.2955 with clear resistance around 1.2980. The two hour chart is suggestive of a reversal and we note the absence of support ahead of 1.2900."