GBP/USD is capped around recent range highs. Economists at Scotiabank note that Intraday price action looks weak for the British Pound.

Sterling to move in line with the broader market tone for the next few days

“Sterling is likely to move in line with the broader market tone for the next few days.”

“GBP/USD gains since late last week managed to retest recent peaks in the low/mid-1.21s (55-Day Moving Average at 1.2121 today). Intraday price action looks weak for the GBP, suggesting another failure/rejection around the recent range highs.” 

“GBP support is 1.2020 ahead of a return to the low/ mid-1.19s.”