GBP/USD losses steady around 1.26 but needs to regain 1.2665 to strengthen, economists at Scotiabank report.

Cable is trying to carve out a base

Choppy price action in Cable in the past two sessions suggests that the Pound is trying to carve out a base. 

GBP support around the 1.26 point has steadied losses and intraday gains so far today imply better demand is developing ahead of the weekend. 

Gains through 1.2665 in the next day or so should see spot strengthen back toward the 1.2725 resistance.