GBP/USD is supported on dips but still consolidating, economists at Scotiabank report.

Signs of demand below 1.26 are encouraging from a short-term support point of view

Minor Cable gains today are running against the trend of a modestly weaker Pound from its mid-June peak. 

GBP/USD is still consolidating in effect and while signs of demand below 1.26 are encouraging from a short-term support point of view, the Pound is still trading well short of levels that would imply more, sustainable technical strength (above 1.2850).