GBP/USD needs to push on through resistance at 1.2800/1.2820 to progress – Scotiabank

GBP/USD trades sideways between 1.26/1.28. Economists at Scotiabank analyze Cable’s outlook.

Lack of progress through the 1.28 area may be starting to wear a bit

The Pound retains some bullish underlying trend momentum and remains relatively comfortable towards the upper end of its recent trading range. But the lack of progress through the 1.28 area may be starting to wear a bit and price action over the past month is still shaping up to be potentially bearish (Head & Shoulders top/reversal, with the neckline trigger at 1.2600). 

Sterling needs to push on through resistance at 1.2800/1.2820 to progress.